RVN sees explosive growth after Upbit listing | Credit: Veronica Cestari
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Key Takeaways
Ravencoin surged 70% in one hour after South Korean exchange Upbit announced its listing.
Trading volume skyrocketed 3,000%, climbing from under $10 million to over $300 million.
Funding rate flipped negative, indicating a short squeeze that could add fuel to RVN’s rally.
RVN, the native cryptocurrency of the digital peer-to-peer (P2P) network Ravencoin, surged by 70% within an hour today. This development comes after top South Korean exchange Upbit announced that it will list the token.
Earlier in the day, Ravencoin’s price was $0.011. As of this writing, the market value has rocketed to $0.018.
Accompanying the rally is a staggering 3,000% spike in trading volume. Here is what could be next for the cryptocurrency.
Upbit Fuels Ravencoin Rally
According to Upbit, Ravencoin went live for trading at 17:00 KST today. It mentioned that the cryptocurrency was only paired with the Korean Won (KRW).
This move opens RVN to one of Asia’s most active retail markets. And judging by the volume surge, Korean traders are already piling in.
Based on Santiment’s data, the trading volume before the listing was less than $10 million. At press time, the same metric has increased 30x and has hit $300 million.
Besides showing how interested the market is in a cryptocurrency, trading volume also hints at where the price might go next. From a price perspective, falling volume alongside rising price indicates a weak trend. In that case, the rally begins to fade.
But in this instance, the rise in the trading volume alongside the increase in Ravencoin’s price could open the doors to a higher value. So, if the trend continues. RVN’s price is also likely to move higher.
Meanwhile, data reviewed by CCN revealed a plunge in Ravencoin’s funding rate. Typically, a positive funding rate suggests that long traders are in control, paying shorts to maintain their positions, which indicates a bullish outlook.
In contrast, the current deeply negative funding rate implies that short sellers are dominating the market. But despite this aggressive bearish positioning, Ravencoin’s price has been rising — a divergence that suggests shorts are getting squeezed and not profiting from their trades.
This mismatch between sentiment and price action could signal underlying strength for RVN’s price, making the outlook potentially bullish.
From a technical point of view, the Ravencoin Upbit listing helped the price break out of a descending triangle. Amid the price increase, the Relative Strength Index (RSI) reading has also jumped, indicating bullish momentum.
Adding weight to Ravencoin’s uptrend, the Average Directional Index (ADX) has begun to rise. The upward shift in the ADX suggests that the ongoing price movement is not just a blip, but a potentially sustained rally with solid directional conviction behind it.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
