Cryptocurrency markets have long treated Korean retail activity as a leading indicator, and a fresh surge in XRP withdrawals from Upbit is drawing renewed attention to the asset’s near-term outlook.
XRP has fallen 10.5% over the past three days, but according to the report, that decline fits the pattern of a post-breakout retest rather than a trend reversal. The token broke out of a bull flag formation last week and is now pulling back to the former upper trendline, around the mid-$1.40s, which also aligns with its 20-day exponential moving average. Holding above that level would keep the breakout structure intact, with the pattern’s measured upside target sitting at $1.70–$1.72, approximately 20% above current prices.
Bull flags form when price consolidates inside a downward-sloping channel after a sharp rally, and the upper boundary of that channel tends to act as support once price clears it. That is precisely the level XRP is now testing.
The technical setup is coinciding with on-chain activity that has historically preceded sustained moves higher. CryptoQuant data shows that since December 2025, wallets across nearly all size cohorts have been steadily withdrawing XRP from exchanges, reducing the supply available for immediate sale. On-chain analyst CW flagged a comparable structure between 2021 and early 2023, when elevated withdrawal activity from Korean exchanges overlapped with a broader accumulation phase that preceded XRP‘s climb from below $1 to above $3, a gain of roughly 500%.
Upbit occupies a specific role in this picture. As of Thursday, XRP trading pairs denominated in South Korean Won ranked as the fourth-largest market by 24-hour volume on CoinMarketCap, reinforcing the exchange’s relevance as a gauge of retail sentiment toward the asset.
Whale Flows Shift Direction
Large-holder behavior is also changing. The 90-day average whale flow for XRP has turned positive as of Thursday, ending a stretch of negative readings that persisted through most of 2024 and into early 2025, a period characterized by consistent selling from large wallets. The report notes that similar reversals from negative to positive whale flow have appeared at the early stages of past trend shifts, including the move from approximately $2.20 to $3.55 during the April through September 2025 period.
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Accumulation Without Confirmation
What the data describes is an alignment of technical and on-chain signals, not a confirmed outcome. The bull flag target of $1.70–$1.72 depends on XRP defending the mid-$1.40s support zone. A sustained break below the 20-day EMA would compromise the breakout structure entirely.
Korean withdrawal volumes at record levels, whale flows reversing after more than a year of distribution, and a textbook retest of a bull flag breakout level — taken together, they form a setup that has appeared before significant moves in XRP‘s history, though past structure does not guarantee future price behavior.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial or investment advice.
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