XRP Rebound Concentrates on Upbit as Wallet-Flow Share Hits Highest Since May 2024

Upbit drew an increasing share of exchange wallet flows during XRP’s recent rebound, according to an analysis that contrasted with weakening metrics at major global exchanges including Coinbase, Binance and Crypto.com. Upbit’s share of XRP wallet flows climbed to its highest level since May 2024.

In a CryptoQuant Quicktake post published June 15, contributor Amr Taha wrote that XRP’s latest rebound was more than a simple price move. As the token rose from $1.11 to $1.18, the structure of wallet flows across exchanges also shifted markedly.

Upbit’s share of net XRP wallet flows rose to 31% on June 14 from 13% on June 7, according to the report. That was the highest reading since May 2024. The move means Upbit is showing the strongest concentration of XRP deposit-wallet activity among major exchanges.

Coinbase, Binance and Crypto.com showed the opposite pattern. Coinbase’s share of XRP wallet flows fell to 0% on June 14 from 27% on May 7. That suggests deposit-wallet activity weakened sharply, or that withdrawal-wallet activity became relatively stronger.

Binance’s share slipped to 13% from 16% over the same period, while Crypto.com’s fell to 3% from 9%. The relative share of XRP deposit-wallet activity at major global exchanges declined as flows became more concentrated on Upbit.

Taha wrote that the wallet-flow structure was not evenly distributed across exchanges even before XRP began to rise. The data showed a strong rotation toward Upbit, while deposit-side dominance weakened at other major platforms.

The shift suggests XRP’s rebound was driven less by uniform global demand than by diverging flows across exchanges. With Upbit’s share of XRP wallet flows surging, trading centered on South Korean exchanges may have been an important factor in the recent rebound.

Even so, rising exchange deposit-wallet activity requires caution in interpretation. Stronger deposit flows can signal heavier trading and rising interest, but they can also mean tokens that could be sold have moved onto exchanges. For XRP to extend its gains, the report said, investors need to confirm whether the increase in Upbit-led trading is translating into actual buying demand.

With XRP rebounding to around $1.18, the market is watching whether the concentration of wallet flows on Upbit will shape short-term supply and demand. As wallet-flow shares at Coinbase, Binance and other global exchanges weaken, XRP’s next move may hinge on flows at South Korean exchanges and whether global platforms re-engage.