Essential Insights
- Upbit leads XRP deposit activity, surging from 13% to 31%, the highest since May 2024, indicating strong market interest.
- XRP’s price rebounded from $1.11 to $1.18, driven by wallet flow shifts, with Upbit’s activity rising while Coinbase and Binance declined.
- The market shows a divided flow structure: bullish momentum supported by Upbit, but weaker activity on major exchanges like Coinbase and Crypto.com.
- Despite overall crypto ETF outflows, XRP spot funds gained nearly $10.7M last week, signaling continued investor interest in XRP.
Ripple’s XRP Price Rises on Changing Exchange Activity
Ripple’s (XRP) price has recently increased. It moved from $1.11 to $1.18. This uptick follows a shift in wallet-flow trends among exchanges. According to CryptoQuant, the increased activity on certain platforms played a key role in the rebound.
Upbit Leads XRP Deposit-Wallet Activity
Upbit, South Korea’s largest crypto exchange, now leads in XRP deposit-wallet activity. Its dominance increased from 13% to 31% between June 7 and June 14. This is the highest level since May 2024. The data shows that Upbit holds the most XRP deposit activity compared to other exchanges.
Meanwhile, other major platforms experienced declines. Coinbase’s dominance dropped from 27% on May 7 to 0% on June 14. Binance’s share declined from 16% to 13%, and Crypto.com’s fell from 9% to 3%. These movements suggest that wallet activity is shifting unevenly. CryptoQuant noted that XRP’s rebound is being driven by this divided flow pattern. Instead of broad, even activity, capital appears to be concentrating on Upbit while leaving other exchanges behind.
Market analysts observe that XRP’s recent price movement is supported by changing exchange flows. Despite some exchanges weakening in activity, spot XRP funds still attracted nearly $10.7 million in the past week. However, other crypto ETFs, like Bitcoin and Ethereum, faced notable outflows. This mixed environment indicates dynamic shifts in investor interest and trading behaviors.
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Disclaimer
This content is for informational and entertainment purposes only and does not constitute financial or investment advice. Cryptocurrency is highly speculative and carries significant risk, including the potential loss of your entire investment. This information may be outdated or incomplete. Do not make financial decisions based on this information. Consult a licensed financial advisor before investing. This site does not offer, sell, or advise on cryptocurrency, securities or other regulated financial products in compliance with SEC and applicable laws. Please do your own research and seek professional advise.
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