What to know:
- Upbit’s XRP wallet-flow dominance reached 31%, its highest level since May 2024.
- Coinbase’s XRP dominance fell from 27% to 0%, signaling weaker deposit activity.
- Binance and Crypto.com lost wallet-flow share as XRP activity concentrated on Upbit.
A major rotation is unfolding across the XRP market as wallet-flow dominance shifts between some of the industry’s largest exchanges. According to CryptoQuant analyst Amr Taha, Upbit has seen its share of XRP activity climb to a one-year high, while Coinbase, Binance, and Crypto.com have recorded notable declines, signaling a significant change in how XRP flows are distributed across the market.
The development has emerged alongside XRP’s rebound from recent lows, adding another layer to the asset’s recovery story. While price action has attracted attention, the movement of wallet flows across exchanges may offer deeper insight into where trading activity is becoming concentrated.
Upbit Emerges as the Primary Destination for XRP Flows
According to Taha, Upbit’s XRP Net Wallet Flow Dominance increased from 13% on June 7 to 31% on June 14. That level represents the exchange’s highest dominance reading since May 2024 and highlights a growing concentration of XRP activity on the South Korean platform.
The data suggests that a larger portion of XRP deposit-wallet activity is now occurring on Upbit compared to other major exchanges. Moreover, the rise coincided with XRP’s move from approximately $1.11 to $1.18, linking the recovery to a notable shift in exchange participation.
Historically, South Korean traders have maintained a strong interest in XRP, and consequently, significant changes in activity on Upbit often attract attention from investors tracking market sentiment and trading behavior.
The chart shared by Taha shows Upbit separating itself from competitors during the past week, as its dominance accelerated while several major exchanges moved in the opposite direction.
Also Read: XRP Rebound Gains Strength as Network Activity Holds Firm Despite Price Drop
Coinbase, Binance, and Crypto.com See Declining Influence
While Upbit gained market share, Coinbase experienced the largest decline among the exchanges tracked. According to shared data, Coinbase’s XRP Net Wallet Flow Dominance fell from 27% on May 7 to 0% on June 14. Such a decline may indicate weaker deposit activity or stronger withdrawal activity relative to inflows. Either way, the figures point to a substantial reduction in Coinbase’s share of XRP wallet flows.
Source: CryptoQuant
Binance also recorded lower dominance during the same period, with its share slipping from 16% to 13%, reflecting a gradual decline in activity. Additionally, Crypto.com’s dominance dropped from 9% to 3%, extending the broader trend seen across several major trading venues.
Significantly, XRP’s recent rebound did not coincide with balanced participation across all exchanges. Instead, wallet-flow activity became increasingly concentrated on Upbit while other platforms lost dominance.
The latest data points to one of the clearest XRP flow rotations seen in recent months, as Upbit strengthens its position in the market while Coinbase, Binance, and Crypto.com continue to move lower, creating a divergence that traders will likely monitor closely in the coming weeks.
What the Rotation Could Mean for XRP
Exchange wallet-flow dominance is often used to track where market activity is building before larger trends emerge. Therefore, the growing concentration of XRP flows on Upbit may indicate that South Korean traders are playing a greater role in current market dynamics.
Although the data does not guarantee future price direction, it highlights a meaningful shift in participation across major exchanges. For now, Upbit stands at the center of XRP activity while several global competitors continue to lose wallet-flow dominance.
Also Read: XRP Holds Key Support as EGRAG Confirms First Bullish Target Hit
