XRP Rally Fueled by Unexpected Exchange Activity

Ripple’s XRP Sees Price Rebound Fueled by South Korean Exchange Dominance

Ripple’s (XRP) price has experienced a notable rebound, climbing from $1.11 to $1.18, a surge attributed to shifting wallet-flow trends, according to analytics firm CryptoQuant.

Upbit Emerges as Key Driver

South Korea’s largest cryptocurrency exchange, Upbit, has emerged as the dominant platform for XRP deposit-wallet activity among major exchanges. Data indicates that Upbit’s XRP Net Wallet Flow Dominance surged from 13% on June 7 to 31% by June 14, marking its highest point since May. This signifies a significant concentration of XRP deposit activity on the platform.

Divergent Trends Across Major Exchanges

In contrast to Upbit’s ascendance, several other prominent exchanges have witnessed a decline in their XRP deposit-wallet dominance during the same period. Coinbase, for instance, recorded the most substantial drop, falling from 27% on May 7 to 0% on June 14. This suggests a considerable weakening of deposit-wallet activity on Coinbase, or a relative strengthening of withdrawal activity.

Binance also experienced a decrease in dominance, slipping from 16% to 13%, while Crypto.com saw its share fall from 9% to 3%.

CryptoQuant highlighted this divergence, stating, “The takeaway is that XRP’s rebound is being driven by a divided flow structure.” This indicates that the recent price appreciation is not a result of evenly distributed activity across exchanges but rather a clear rotation of interest towards Upbit, with other major platforms moving in the opposite direction.

Analyst Outlook on XRP Price Action

Crypto analyst Egrag Crypto previously noted that bullish sentiment remains strong on lower time frames as long as XRP’s price holds above the $1.134-$1.14 range. The analyst identified $1.193 as the initial significant resistance level, with a potential move towards $1.26 if momentum continues to build. On the downside, $1.09 is considered the primary support level, and a breach below $1.05 could signal a more substantial correction.

XRP ETFs Continue to Attract Inflows Amidst Broader ETF Outflows

Despite a general trend of investors withdrawing funds from most cryptocurrency ETFs, spot XRP funds have continued to attract fresh capital. Data from SoSoValue reveals that XRP ETFs saw inflows of nearly $10.7 million over the past week. This stands in stark contrast to U.S. spot Bitcoin ETFs, which experienced significant outflows totaling $314.8 million, and Ethereum ETFs, which saw outflows of approximately $14.91 million.