Korean merchants are pulling XRP off exchanges at a speedy tempo, whereas whale flows sign accumulation seen forward of previous rallies.
XRP (XRP) has dropped by 10.5% in the past three days, but the decline may be a typical breakout retest within a broader bullish setup, coinciding with a surge in withdrawal activity on Korea’s Upbit exchange.
Key takeaways:
XRP bull flag breakout underway
XRP broke out of its prevailing bull flag pattern last week and was pulling back on Thursday to retest the former upper trendline as new support, a common move after a breakout.
Bull flags form when price consolidates inside a downward-sloping channel following a strong rally. Once price breaks above that channel, the old resistance often becomes support on the retest.
For XRP, that key area is around the mid-$1.40s, also aligning with the 20-day exponential moving average (20-day EMA, the green line).
Holding above it would keep the breakout intact and maintain the bull flag’s upside target near $1.70–$1.72, or about 20% above current levels.
XRP record withdrawals from Upbit
XRP’s bullish technical setup aligns with a recent surge in withdrawal activity on South Korea’s Upbit, according to CryptoQuant data.
Since December 2025, wallets across nearly all size cohorts have steadily moved XRP off exchanges, reducing immediate sell-pressure. This trend is typically associated with accumulation phases.
On-chain analyst CW pointed to a similar structure between 2021 and early 2023, when elevated XRP withdrawals from Korean exchanges coincided with a broader accumulation phase.
That period preceded a sharp rally, with XRP climbing from below $1 to above $3, an increase of roughly 500%.
Related: XRP holders hit a record 7.7M: Will price break through $1.60 next?
Upbit has long been an active trading venue for XRP traders, often serving as a barometer to gauge retail sentiment. As of Thursday, XRP trades in South Korean Won (KRW) were the fourth-largest in a 24-hour rolling period.
XRP whale flows signal renewed accumulation
XRP’s whale activity is also starting to support the bullish case.
As of Thursday, the 90-day average whale flow had turned positive after staying negative for most of 2024 and early 2025, a period that saw persistent large-holder selling.
The latest reversal suggests whales are no longer distributing as aggressively and may be shifting back toward accumulation.
Historically, moves from negative to positive whale flow have appeared during the early stages of trend reversals and accumulation-led consolidations. That includes XRP’s climb to $3.55 from around $2.20 during the April–September 2025 period.
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