XRP price rebounded above $1.18 as Upbit's wallet-flow dominance surged to a May 2024 high. Meanwhile, Coinbase fell to 0% dominance, while Binance and Crypto.com recorded declines.
Ripple (XRP) jumped back above $1.18 on June 15 as traders praised the news of a U.S.-Iran peace deal. Meanwhile, new CryptoQuant data shows XRP deposits surging into Upbit exchange while activity on Coinbase, Binance, and Crypto.com moves fall sharply.
CryptoQuant Trader Amr Taha's data shows that rising Upbit's XRP Net Wallet Flow Dominance jumped from 13% on June 7 to 31% on June 14. This marks the highest reading since May 2024 and indicates that a growing share of XRP deposit-wallet activity is now flowing through the Korean exchange.
The data suggests that South Korean traders may be playing a larger role in XRP's recent recovery than investors on Western exchanges.While wallet-flow dominance alone does not confirm whether traders are buying or selling, the scale of the increase shows that a larger share of XRP movement is now being routed through Upbit than any other major exchange.
Despite all, the XRP price moved from roughly $1.11 to $1.23.
Over the past few weeks, Ripple has announced several major developments aimed at expanding its payment infrastructure. Most recently, Ripple deepened its partnership with Bitso to bring MXNB, a Mexican peso-backed stablecoin, onto the XRP Ledger.
The company is also integrating MXNB into its Payments on Decentralized Exchange (DEX) infrastructure alongside Ripple USD (RLUSD).
The goal is to improve cross-border settlement between the United States and Mexico, one of the world's largest remittance corridors.
Ripple has also continued expanding RLUSD, its enterprise-focused stablecoin, as part of its broader strategy to strengthen institutional payment flows.
On one side, Upbit's dominance has surged to its highest level since May 2024. On the other hand, Coinbase recorded the most dramatic decline. Its XRP wallet-flow dominance dropped from 27% on May 7 to 0% on June 14.
Other exchanges also saw declines, like Binance's dominance slipping from 16% to 13%, while Crypto.com's share fell from 9% to 3% during the same period.
One says that XRP demand is becoming increasingly concentrated among South Korean traders. Another possibility is that investors on U.S. and global exchanges are becoming less active while regional participation increases.
Beyond the on-chain data, crypto analyst Ali Martinez has highlighted a key chart pattern. Crypto analyst Ali Martinez recently highlighted a symmetrical triangle forming on XRP's hourly chart.
According to Martinez, a breakout from the formation could trigger a move of roughly 14%.
As of now, XRP was trading near $1.23. A successful upside breakout would place the next target around $1.40.
A move of that size would also push XRP to its highest level in the coming months, while also the level could become an important test for bulls if buying momentum continues.
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