Upbit's share of XRP's net wallet flow has surged to its highest level in more than two years, jumping from 13% on June 7 to 31% on June 14, according to on-chain data. That's the largest slice the South Korean exchange has grabbed since May 2024. The move comes as XRP pushes toward the $1.20 price level — a key resistance that traders have been watching for weeks.
Upbit's growing role
Wallet flows measure the net movement of tokens into and out of exchange wallets. They aren't the same as spot buying — they can reflect deposits, withdrawals, market-maker positioning, or simple speculation. Still, a rising share for one exchange often signals concentrated activity. Upbit is the dominant crypto exchange in South Korea, and its outsize role in XRP flow suggests that Korean retail is playing a bigger part in the current price action. The last time Upbit's share was this high, XRP was coming off a local low and eventually rallied — though past performance doesn't guarantee a repeat.
The $1.20 hurdle
Traders see $1.20 as a make-or-break level. A clean break above it, accompanied by higher volume and a sustained hold, would signal real bullish momentum. A quick rejection and drop back would likely mean the move was just a liquidity sweep — a short-lived pop that traps late buyers. The flow data adds a layer of complexity: heavy exchange inflows could also hint at selling pressure if holders are moving coins to sell. So far, the net flow is positive, but the direction could flip fast.
Bitcoin's shadow
XRP's breakout potential isn't entirely its own. The facts are clear: if Bitcoin weakens, XRP will likely struggle regardless of what Upbit's order books look like. That means any XRP rally worth taking seriously probably needs BTC to hold its ground — or at least not to dump. For now, Bitcoin has been rangebound, which gives altcoins room to move, but that window could close without warning.
The next few days will tell the story. Watch Upbit's flow numbers and whether $1.20 holds as support or becomes resistance again. And keep an eye on Bitcoin — it's still the anchor.
