XRP traders are turning their attention to Upbit, South Korea’s largest crypto exchange, as fresh on-chain data suggests a notable shift is underway. Crypto analyst Xaif highlighted the development on X, noting that XRP reserves on Upbit have begun to decline. The renewed attention around Upbit stems from what followed a similar trend in November 2024.
When Upbit outflowed in November 2024, XRP rose from roughly $0.50 to a peak near $3.29 over the following months. Alongside Upbit, XRP reserves across multiple platforms have shown signs of contraction, indicating a broader shift in exchange liquidity. Analysts generally interpret this as a move toward self-custody or longer-term holding strategies.
When fewer tokens sit on exchanges, available supply for immediate trading can tighten, potentially amplifying price movements if demand strengthens. The contrast suggests that while retail or regional holders may be accumulating, broader market participation remains selective. Not all indicators point in the same direction, and some institutional XRP-focused products have shown mixed flows, underscoring nuanced supply dynamics.
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