The cryptocurrency market maintains a cautiously optimistic stance as it approaches a potential peak in the altcoin season, characterized by shifting sentiment driven by volatile asset price movements. Amidst this fluctuation, XRP has emerged as a focal point of bullish activity, specifically within the South Korean market where it has displaced both BTC and ETH as the leading traded asset.

This shift marks a significant deviation from global trends, highlighting regional divergence in trading preferences and speculative capital allocation.

Data compiled by Woofun AI shows that on May 13, XRP secured the top position for trading pair-led volumes on Upbit over a 24-hour period. The asset recorded a trading volume of approximately $110.9 million, decisively surpassing BTC, which traded at $88.6 million, and ETH, which registered nearly $67 million. This dominance extended to Bithumb, where XRP similarly ranked above both BTC and ETH trading pairs, confirming a broad-based surge in local demand rather than an isolated exchange anomaly.

Market observers attribute this surge to renewed speculative interest from Korean traders, who are driving liquidity into XRP despite a broader market correction. Currently, crypto prices have dipped slightly, with BTC trading under $80,000 and ETH hovering below $2,300, creating a backdrop of strained sentiment.

However, altcoins have demonstrated resilience this week, exemplified by SUI, which executed a powerful breakout with a price increase exceeding 16% in less than 24 hours.

Woofun AI notes that experts interpret these movements as the precursor to a sustained bullish price surge for altcoins across the market. The anticipated arrival of altseason remains a pivotal event, with many analysts believing the long-awaited price expansion phase is imminent. While bearish and bullish factions continue to debate the timing and magnitude of the next move, technical indicators across various price charts suggest that many assets are nearing the completion of bullish pump patterns.

Technical analysis provided by analyst Celal Kucuker highlights a specific Cup and Handle setup on the XRP chart, identifying key resistance levels at $1.74 and $3.65. The analysis utilizes a Fibonacci extension to project a long-term target of $12.10, suggesting a substantial upside potential if current momentum persists. XRP has already rebounded from lows of $1.11 and is currently consolidating near $1.45 after briefly testing the $1.50 resistance level.

The analyst posits that a confirmed breakout could propel XRP toward short-term targets near $2, with the possibility of establishing a new all-time high above $4. Ultimately, the projection anticipates a rally pushing the asset above $12, which would represent a historic bullish milestone. Woofun AI analysis suggests that such a decisive move by XRP could ignite a broader chain reaction, paving the way for other altcoins to surge and set new all-time high prices in the coming months.