The crypto surge in South Korea centres on XRP and Dogecoin, which dominate local trading volumes. This surge began with a $1 billion short squeeze and has evolved into a widespread buying spree in riskier cryptocurrencies. XRP and Dogecoin now surpass Bitcoin and Ethereum in trading activity on South Korean exchanges.

XRP and Dogecoin Drive South Korea’s Crypto Surge

South Korean investors often react swiftly to market recovery signals. Historically, such bursts created significant price gaps compared to foreign exchanges, known as the Kimchi premium. This pattern has re-emerged. On UpBit, the country’s largest exchange, XRP and Dogecoin trading volumes exceeded $250 million in the past 24 hours, while Bitcoin and Ethereum combined stayed below $150 million.

The renewed risk appetite links closely to improving trade relations between the United States and China. Both countries agreed to temporarily reduce import tariffs on certain goods from 145% to 30%. This easing marks a thaw after months of uncertainty and encourages investors to seek higher-risk assets.

How Geopolitical Calm Spurs South Korea’s Crypto Surge

Interest rate expectations also influence the market. Macro signals suggest the US Federal Reserve may pivot towards cutting rates later this year. This prospect fuels speculation and draws traders to speculative coins like XRP and Dogecoin.

According to Augustine Fan from SignalPlus, the current momentum is largely technical. Gains partly result from forced short-covering as the market swiftly reversed. Last week, XRP and Dogecoin rose over 15%, while Bitcoin gained 10%. Ethereum outperformed with nearly 40%, marking its best week in years.

Whether this rally endures depends on central bank policies and sustained geopolitical progress. For now, South Korean traders rely heavily on timing instincts and a strong tolerance for risk. The dominance of XRP and Dogecoin in this surge reflects both market dynamics and investor sentiment shaped by global developments.

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