- Upbit XRP wallet flow dominance surged from 13% to 31%, hitting its highest level since May 2024.
- Coinbase XRP dominance collapsed from 27% to 0% as Binance and Crypto.com also declined sharply.
- Flow rotation toward Upbit suggests Korean retail demand is driving the XRP price recovery.
XRP climbed from $1.11 to $1.18 this week, but the more compelling story is what happened in exchange wallet flows while that move was developing. CryptoQuant analyst Amr Taha pointed out a rotation in XRP deposit wallet activity that preceded and accompanied the price rebound, with Upbit emerging as the dominant exchange in the flow structure while Coinbase, Binance, and Crypto.com moved in the opposite direction simultaneously.
The Upbit Signal
Upbit’s XRP Net Wallet Flow Dominance surged from 13% on June 7 to 31% on June 14, its highest reading since May 2024. The spike shows that Upbit currently holds the strongest concentration of XRP deposit wallet activity among all major exchanges, suggesting Korean retail demand is playing a significant role in the current recovery.
The divergence from other platforms makes the signal more important. When one exchange’s dominance rises sharply while others decline, it points to a specific regional or demographic driver rather than broad-based institutional buying.
The Coinbase and Binance Decline
Coinbase’s XRP wallet flow dominance collapsed from 27% on May 7 to 0% on June 14, meaning deposit wallet activity effectively disappeared or withdrawal activity became overwhelmingly dominant relative to deposits. Binance declined from 16% to 13% over the same period. Crypto.com fell from 9% to 3%.
The combination of Upbit surging and the three largest Western platforms declining creates what Taha described as a divided flow structure driving the rebound, a pattern worth monitoring closely because it suggests the recovery may be concentrated in a specific market segment rather than broadly distributed.
For now, XRP’s recovery appears to be driven more by activity on Upbit than by broad participation across major exchanges. Whether the rally can extend higher may depend on whether buying interest spreads to platforms such as Coinbase and Binance or remains concentrated within the Korean market.
Related: XRP’s Lost Bull Run: How the SEC Battle Delayed Its Big Move
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