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The $XRP market recently witnessed an extraordinary uptick in volume on South Korean exchange Upbit, triggering speculation among pundits.
Besides the unexpected spike in volume, $XRP also saw impressive inflows on the Upbit exchange within a short period, compounding investor curiosity. Notably, $XRP community figure and game designer Chad Steingraber first called attention to the series of anomalies in multiple posts.
$XRP Sees Massive $1.94B Volume on Upbit
Citing Coinglass data, Steingraber revealed yesterday that as of 2:51 PM (UTC), $XRP volume on Korea’s largest exchange Upbit had skyrocketed to $1.94 billion over the span of just an hour. This represented a massive spike in volume, with the next highest volume amounting to just $90 million on Binance.
Upbit (Korean Exchange) $XRP Volume is going absolutely bezerk!! 🙀🙀
$1.94Billion within the current hour, the next closest is Binance at $90Million in volume. https://t.co/4TK3p4hiaf pic.twitter.com/OKbewpeAAt
— Chad Steingraber (@ChadSteingraber) July 7, 2025
In a separate disclosure, market pundit Zach Rector also highlighted that $XRP had witnessed up to $720 million netflow on Upbit over a 1-hour period as of 3 PM yesterday (UTC). Rector beckoned to Steingraber and XForceGlobal, a Korean certified Elliott Wave analyst, to discuss the anomaly.
Responding to this initial disclosure, XForceGlobal confirmed that $XRP has continued to dominate in trading volume across Korean exchanges, aligning with the $720 million netflow witnessed on Upbit. He pointed out that 20% of $XRP’s circulating supply is in the Korean spot market, indicating that nearly every Korean crypto investor owns $XRP.
Net Inflows on Upbit Spike to $1.58B
Meanwhile, in response, Steingraber further noted several other upticks in volume and flows. Specifically, he revealed that the $720 million netflow spotlighted by Rector had increased further since then. At the time, Steingraber revealed that netflows on Upbit had increased to $1.58 billion in the hour leading to 3:29 PM yesterday (UTC).
HOLY MOTHER
$XRP –> $1.58BILLION IN NET INFLOWS https://t.co/HaQL86ShzP pic.twitter.com/aByS6ZKb4h
— Chad Steingraber (@ChadSteingraber) July 7, 2025
However, over time, the netflows cooled, but remained incredibly high, especially on the 1-hour timeframe. Notably, two hours later, as of 5:23 PM yesterday (UTC), Steingraber again disclosed that net inflows over an hour amounted to $156.84 million on Upbit, still on the high side. Data confirmed that other exchanges, including Binance, saw outflows during this period.
Possible Implications on $XRP Price
Speaking on the possible implications of this netflow trend, Rector called attention to the inflow-to-valuation multiplier effect that often drives crypto markets. For context, due to this multiplier effect, every $1 in netflow into the market often leads to a much higher increase in the token’s market cap.
However, this multiplier effect often varies. According to Rector, he identified a 235x multiplier for each dollar that entered the $XRP market earlier in the day. This entails that for every $1 in netflow, the $XRP market cap recorded an increase of $265. As a result, an $18 million inflow at the time led to a market cap growth of $4.27 billion.
Nonetheless, it is important to note that these netflows into exchanges do not always translate to capital flows into the $XRP market. Instead, they often represent flows into exchanges. As a result, they would not always translate directly to market cap growth.
For instance, with the $1.58 billion netflow into Upbit yesterday, a modest 25x multiplier would have led to an increase in $XRP’s market cap by $39.5 billion. This would have resulted in a market cap of $173 billion, leading to a price of $2.8. Instead, $XRP’s market cap only grew by $4 billion during that period, leading to a market cap of $138 billion or a price of $2.35.
$XRP has since corrected from this $2.35 high, now changing hands at $2.26 amid a mild 0.23% rise in the past 24 hours. Nonetheless, at the current point, $XRP is in a comfortable position, as noted by Rector, having flipped the $2.25 mark from resistance to support.