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$XRP is currently witnessing multiple withdrawals on South Korea’s Upbit, the same pattern that played out before the November 2024 rally.
While $XRP’s price has continued to struggle around the $1.4 mark, the market is currently repeating a pattern that previously led to a 580% upsurge. Specifically, exchange outflow transactions on Upbit, South Korea’s largest exchange, have spiked to levels above the highs recorded from 2021 to 2023.
Key Points
- $XRP is down 21.36% year-to-date amid the market turbulence, but on-chain data shows it is now repeating a bullish pattern that preceded the last upsurge.
- Upbit has been consistently witnessing 3,400+ daily $XRP outflow transactions since mid-December 2025.
- In a typical market environment, Upbit users make about 5 to 30 exchange withdrawal transactions involving $XRP a day, confirming that the recent figure shoots way above the daily average.
- The last time the market saw similar spikes was from 2021 to 2023, as $XRP’s price struggled, preceding the 580% price rally in November 2024.
- This time, transactions involving about 1,000 $XRP make up the largest chunk of these withdrawals, often crossing 2,000 every day.
$XRP Looking Good Despite Downturn
Market analyst CW revealed this data amid the ongoing crypto market downturn that has dealt a blow to $XRP. For context, after $XRP recovered to the $1.60 peak on March 17, it faced a roadblock to the latest rebound campaign, as the broader market momentum stalled.
From the $1.6 high, $XRP pulled back, breaking a five-day streak of consistent gains. Since then, it has recorded intraday losses, down 10% from the $1.6 level. However, despite this renewed bearishness, the on-chain data provided by CW indicates that $XRP’s position may actually be looking good in the long term.
Upbit Outflow Transactions Consistently Cross 3,400
First, the market watcher pointed out that Upbit represents one of the largest trading destinations for $XRP, which confirms how important $XRP-based activity can be on this platform. Specifically, Upbit, being Korea’s largest exchange, has persistently accounted for $XRP’s largest volumes on multiple occasions.
Citing CryptoQuant data, CW revealed that exchange withdrawal transactions involving $XRP have spiked on the Upbit exchange. This pattern indicates that investors have started taking off their $XRP tokens from Upbit at an increasing rate, essentially reducing immediate selling pressure on the platform.
Specifically, the data confirms that since mid-December 2025, transactions involving the withdrawal of $XRP tokens from Upbit have seen an increase, consistently staying above 3,400 during this period. Some notable spikes include 3,721 on Dec. 17, 2025, 3,742 on Jan. 21, 4,045 on Jan. 30, 2026, and 3,822 on Feb. 28, 2026.
For perspective, the average number of $XRP withdrawal transactions Upbit typically records in a normal trading environment ranges between 5 and 20. The recent figures represent at least a 16,900% increase from the everyday average.
While CW suggested that these spikes indicate that whales are moving more urgently, data confirms that the most transactions involve around 1,000 $XRP, often crossing 3,000. In fact, transactions involving more than 100,000 $XRP tokens have remained below 25 each time.
Historical Data
Meanwhile, historical data shows that this pattern played out between 2021 and 2023 before $XRP recorded its explosive November 2024 rally. During that long stretch, $XRP withdrawal transactions on Upbit spiked to 500, higher than the everyday average, but still lower than the latest figures.
The previous spikes occurred alongside $XRP’s price struggles within that period. Interestingly, after these spikes stopped, $XRP started seeing an improvement in price action, culminating in the November 2024 rally, which pushed prices from $0.5 to $3.4, a 580% increase. Citing this, CW suggests that the latest spikes will likely mark the start of another upward push.