One Exchange Now Controls XRP Flow While the Bear Market Rages

XRP bear market pressure splits exchange flows as Upbit wallet dominance hits a May 2024 high while Coinbase drops to 0% and Binance quietly fades.

Coinbase sat at 27% of XRP net wallet flow dominance on May 7. By June 14 that number was zero. Not close to zero. Zero.

XRP had been grinding near bear market lows around $1.11 through much of the period. Binance XRP reserves had already slipped to a four-month floor near 2.69 billion XRP, per CryptoQuant data published earlier in the month. Holders were not moving with much urgency in either direction.

Upbit Quietly Took Everything Nobody Else Wanted

Upbit’s share of XRP deposit-wallet flow dominance climbed from 13% on June 7 to 31% on June 14. That concentration happened fast. Crypto.com dropped from 9% to 3% across the same window, and Binance fell from 16% to 13%.

Analyst Amr Taha, known on X as @cryptohisenberg, published the multi-exchange net wallet flow dominance chart on X. The chart maps deposit-wallet activity across over a dozen platforms against XRP price going back to mid-2025. The Upbit line at the right edge spikes to roughly 32%. Hard to miss.

The 31% reading is the highest Upbit has recorded since May 2024.

Source: CryptoQuant — Amr Taha (@cryptohisenberg)

A Price Bounce From a Divided Flow Structure

Before XRP moved to $1.18, the wallet-flow structure was not spread evenly across exchanges. The Upbit rotation was already building. That kind of front-loaded concentration does not usually show up after a price move.

XRP had been testing resistance around $1.10 to $1.15 before the Upbit share began building. Coinbase at 0% means deposit-wallet activity on that platform either dried up or withdrawal activity became proportionally stronger. Both readings point in the same direction, more or less.

The flow rotation and the price bounce do not confirm each other exactly. They just happened at the same time, which is what the data shows. XRP closed the June 14 session at $1.18.

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