XRP is undergoing a major exchange redistribution. According to CryptoQuant analyst Amr Taha, Upbit's XRP net wallet flow dominance reached 31% on June 14, the highest level since May 2024. In the same period, Coinbase's share collapsed from 27% to 0%, signaling a near-complete halt in deposit activity. Binance and Crypto.com also saw declines, dropping to 13% and 3% respectively.
Upbit Doubles Dominance in One Week
Taha's data shows Upbit's dominance rose from 13% on June 7 to 31% just seven days later. The surge coincided with XRP's price recovery from approximately $1.11 to $1.18, suggesting South Korean traders are playing a leading role in the bounce. Historically, Korean investors maintain strong interest in XRP, and the concentration of activity on Upbit often influences broader market sentiment.
Coinbase and Binance Lose Share: Deposits or Outflows
Coinbase experienced the steepest drop: from 27% on May 7 to 0% on June 14. This could reflect a sharp decline in deposit activity or a surge in withdrawals. Binance's share slipped from 16% to 13%, and Crypto.com dropped from 9% to 3%. The divergence between Upbit and these platforms highlights that the recent XRP rebound is not broad-based but heavily concentrated on one exchange.
What the Rotation Signals for XRP
Exchange wallet-flow dominance is often a leading indicator for where market momentum is building. Upbit's rising share suggests Korean traders are now the primary drivers of XRP liquidity. While the data alone does not guarantee future price direction, the structural shift in participation across major exchanges is a development traders will likely track closely in the weeks ahead.