Ripple’s XRP has staged a fresh recovery, climbing from $1.11 to $1.18 as renewed buying interest returned to the market. However, the driving force behind the latest rally appears to be an unexpected change in exchange activity.
According to CryptoQuant, South Korea’s largest cryptocurrency exchange, Upbit, has emerged as the dominant platform for XRP deposit wallet activity, overtaking several major global exchanges.
Upbit Takes the Lead
Recent data revealed that Upbit’s XRP Net Wallet Flow Dominance surged from 13 percent on June 7 to 31 percent by June 14. This marks its highest level since May 2024 and signals that a significant portion of XRP deposit activity is now concentrated on the South Korean exchange.
In contrast, several rival exchanges experienced declining dominance during the same period.
Coinbase recorded the steepest drop, with its share of XRP wallet flow falling from 27 percent to virtually zero by June 14. The decline suggests that deposit activity on the platform weakened substantially or that withdrawals became more prominent.
Binance also lost ground, with its dominance slipping from 16 percent to 13 percent, while Crypto.com saw its share shrink from 9 percent to just 3 percent.
The data points to a notable shift in market behavior. Rather than being supported by broad participation across multiple exchanges, XRP’s rebound appears to be driven by a concentration of activity on Upbit.
CryptoQuant summarized the trend by noting that XRP’s recovery is being powered by a divided flow structure, with capital rotating toward Upbit while other major exchanges move in the opposite direction.
Key Price Levels to Watch
Crypto analyst Egrag Crypto previously stated that bullish momentum remains intact on lower time frames, provided XRP continues to trade above the $1.134 to $1.14 support zone.
The analyst identified $1.193 as the next major resistance level. If buying pressure strengthens, XRP could then target the $1.26 region.
On the downside, $1.09 remains the critical support level. A decline toward $1.05, however, could indicate that a deeper correction is underway.
Institutional Interest Remains Strong
While many cryptocurrency exchange traded funds continue to experience investor withdrawals, XRP focused products have managed to attract fresh capital.
Data from SoSoValue showed that spot XRP funds recorded inflows of nearly $10.7 million over the past week, highlighting sustained institutional interest in the asset.
By comparison, spot Bitcoin ETFs in the United States suffered significant outflows totaling $314.8 million during the same period.
Ethereum ETFs also closed the week in negative territory, with investors pulling approximately $14.91 million from those products.
The contrast suggests that despite broader caution in the digital asset market, XRP continues to attract attention from institutional investors.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
