Upbit has emerged as the leading exchange for XRP deposit-wallet activity after dominance surged to its highest level since May 2024.
Ripple’s (XRP) price witnessed a fresh rebound, which pushed the crypto asset from $1.11 to $1.18. The latest uptick was backed by changing wallet-flow trends, according to CryptoQuant.
Interestingly, South Korea’s largest cryptocurrency exchange, Upbit, took the top spot for XRP deposit-wallet activity across exchanges.
Upbit Overtakes Rivals
The latest data revealed that Upbit’s XRP Net Wallet Flow Dominance increased sharply from 13% on June 7 to 31% on June 14, reaching its highest level since May 2024. This indicates that Upbit now holds the strongest concentration of XRP deposit-wallet activity among leading crypto exchanges.
This wasn’t the case with several other major exchanges, which recorded declining dominance during the same period. Coinbase, for instance, showed the biggest drop, after falling from 27% on May 7 to 0% on June 14. This suggests deposit-wallet activity weakened considerably on the exchange, or that withdrawal-wallet activity became relatively stronger.
A similar trend was visible in Binance, which also recorded a decline in dominance, slipping from 16% to 13%, while Crypto.com dropped from 9% to 3%.
The divergence highlighted that XRP’s rebound was not supported by evenly distributed wallet flows across exchanges. Instead, the market saw a clear rotation of activity toward Upbit, while Coinbase, Binance, and Crypto.com moved in the opposite direction. CryptoQuant said,
“The takeaway is that XRP’s rebound is being driven by a divided flow structure.”
Meanwhile, crypto analyst Egrag Crypto had earlier said that bulls remain in control on lower time frames as long as the price stays above the $1.134-$1.14 range. He identified $1.193 as the first major resistance level, followed by $1.26 if momentum strengthens further. On the downside, however, the analyst said $1.09 remains the main support level, while a drop toward $1.05 could signal a deeper correction.
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Institutional Flows
Even though most crypto ETFs are seeing investors pull money out, spot XRP funds are still managing to attract fresh inflows. Data from SoSoValue showed that XRP ETFs added almost $10.7 million over the last week. At the same time, spot Bitcoin ETFs in the US saw heavy outflows totaling $314.8 million.
Ethereum ETFs also ended the week in the red, as investors withdrew nearly $14.91 million.
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