XRP Rally Fueled by Upbit-Driven Deposit-Flow Surge
XRP price rebound lifted from about $1.11 to $1.18, with CryptoQuant pointing to a shift in exchange wallet-flow structure.
Key development: Upbit has become the leading exchange for XRP deposit-wallet activity. Its XRP Net Wallet Flow Dominance jumped from 13% (June 7) to 31% (June 14), the highest since May 2024. Other major venues saw the opposite trend.
Examples of divergence: Coinbase’s XRP deposit-wallet dominance fell from 27% (May 7) to 0% (June 14). Binance slipped from 16% to 13%, while Crypto.com dropped from 9% to 3%. CryptoQuant’s takeaway is that XRP’s rebound is being driven by “a divided flow structure,” meaning demand/activity is rotating toward Upbit rather than being evenly spread.
Traders’ technical context: analyst Egrag Crypto said XRP bulls remain in control on lower time frames if price holds above $1.134–$1.14. He flagged $1.193 as the first resistance, then $1.26 if momentum builds. On the downside, $1.09 is the main support; a move toward $1.05 could indicate a deeper correction.
Broader flows (funds): Despite overall crypto ETF outflows, spot XRP funds reportedly added about $10.7M over the last week, while US spot Bitcoin ETFs saw $314.8M outflows and Ethereum ETFs withdrew about $14.91M.
Bullish
This is assessed as bullish because the XRP rally is supported by a measurable on-chain/exchange behavior shift: Upbit’s XRP deposit-wallet dominance spiked to 31%, while major rivals (Coinbase, Binance, Crypto.com) saw declines. Historically, when deposit concentration increases on one or two venues while broader distribution weakens, it often precedes short-term price momentum as traders position through deposits.
In the short term, the concentration signal can attract momentum traders to follow the move toward XRP, keeping price constructive as long as key support ($1.134–$1.14, then $1.09) holds. The stated resistance ($1.193, then $1.26) aligns with a likely “break-and-test” pattern after supply/flow improvements.
In the long term, the ETF detail is mildly supportive: despite negative flows in BTC/ETH spot ETFs, XRP spot funds reportedly added ~$10.7M, suggesting demand is not fully fading for XRP. However, the “divided flow structure” also raises risk: if Upbit-led deposits reverse or rotate back to other exchanges, the rally’s fuel could weaken. So upside bias is positive, but traders should watch whether the deposit dominance remains elevated.