XRP is drawing fresh market attention as heavy sell activity on South Korea’s Upbit exchange raises questions about whether whales are exiting positions or simply rotating capital. The development comes amid mixed market signals, with institutional inflows showing modest strength while broader crypto sentiment remains cautious.
Upbit Emerges as a Key Driver of XRP Sell Pressure
A crypto market expert identified as Dom on X recently revealed that over the past 30 days, more than 600 million XRP have been sold on the South Korean crypto exchange Upbit. According to Dom, this figure is roughly twice the total XRP sold across other global exchanges combined, suggesting a massive XRP dump on the platform.
Meanwhile, it is worth noting that this wave of heavy sell-offs comes shortly after Upbit Singapore announced the listing of XRP, Ethereum, and Solana on its USDT trading market. Thus, some market watchers believe the timing suggests a portfolio reshuffle across regions rather than outright market panic.
South Korea has historically played an outsized role in XRP trading, often driving short-term price volatility through high retail participation and rapid shifts in sentiment. When Korean exchanges show abnormal sell pressure, it often creates ripple effects across global order books
Analysts Debate Whale Exit vs Strategic Reallocation
Market experts remain divided on what Upbit’s sell activity truly represents. The bearish camp argues that whales typically sell ahead of potential downside, suggesting the current trend could signal short-term weakness.
On the other hand, bulls argue that crypto markets are highly cyclical, with capital frequently rotating among assets as the cycle progresses. They point out that similar exchange-driven sell waves have historically preceded major trend reversals, as large players reposition their portfolios.
Meanwhile, amid the massive sell-offs on Upbit, SoSoValue data show that XRP ETFs recorded a modest $6.31 million inflow as of February 9, 2026. The inflow suggests that, while spot-market selling pressure remains elevated in certain regions, institutional or structured product demand is quietly building.
XRP Price Action Remains Under Close Watch
Despite the elevated sell activity, XRP’s price has shown relative resilience compared to historical sell waves. The token has experienced short bursts of volatility but has primarily held key psychological support zones, preventing a deeper breakdown.
The broader crypto market has shown mild weakness, with the global crypto market cap declining by 0.2% in the past 24 hours to approximately $2.43 trillion. However, the token has traded in the green zone, recording a 1.8% uptick over the same period, suggesting pockets of asset-specific strength despite broader market hesitation.
Interestingly, a market analyst identified as Bird_XRPL recently speculated in an X post that the token could be on the path to new highs. According to the analyst, the token would first need to surge toward $1.80, then advance to $2.60, before attempting to reclaim its all-time high at $3.65.
If these levels are cleared, the analyst believes the token could push toward a new cycle high above $4. However, for now, market participants remain cautious, closely monitoring exchange flows, whale wallet activity, and broader crypto market sentiment to determine XRP’s next direction.
Evans Kelvin
Temitope Olajide
Brenda Kanana
