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XRP soared past $2.80 as Upbit logged a record $1.20B net inflow in one hour. Volume hit $2.41B, fueled by ETF news as ProShares prepares to launch the first U.S. XRP ETF on July 18, 2025. It signals rising institutional interest and potential price discovery.
Upbit Drives Historic Demand Surge for XRP Price
Spot data from CoinGlass confirms an overwhelming wave of XRP accumulation on Upbit. Volume and net inflow heatmaps of the same 1-hour period reveal that Upbit is the leader in the two categories with 2.41 billion and 1.20 billion traded volume and net inflow, respectively.
Binance was next with only 174 million volume and negative net flow, and Coinbase, Bybit, and Kraken had smaller positions.
This aggressive trend is supported by CVD (Cumulative Volume Delta) data. On July 11, Upbit’s CVD was over 32.2 million XRP, a sharp contrast to Binance. It showed over 1 million in net selling.
Coinbase came next with 5.2 million, and Bitstamp posted 2.6 million. It suggests that most of the XRP buy pressure globally was driven by Korean traders, with Upbit becoming the core engine of the rally.
Analyst Dom presented this snapshot, confirming that 70% of a 45 million XRP net buy pressure from the $2.60 to $3.00 surge originated from Upbit. Other platforms, including Coinbase and Kraken, had minor contributions, while Binance traders were net sellers.
The one-sided nature of this move reveals a major deviation from usual market behavior, where Binance often leads liquidity direction.
ETF Filing Sets the Stage for Institutional Entry
Regulatory-wise, ProShares submitted its registration statement with the U.S. Securities and Exchange Commission on July 11, 2025. The ETF, listed under ProShares Trust, will become effective on July 18.
The application was filed under Rule 485(b), which indicates immediate market entry. Dechert LLP provides legal representation, with Richard Morris of ProShare Advisors LLC being listed as the agent of service.
Market analysts see this ETF launch as a key turning point for XRP’s status within U.S. financial markets. It provides institutional investors with a controlled on-ramp and proves that XRP is becoming a legitimate asset among asset managers.
The ETF’s upcoming launch follows earlier developments where leveraged XRP ETFs from Volatility Shares and Tuttle Capital also received initial clearance.
John Squire emphasized that the XRP ETF had already been listed on DTCC, an important signal for operational readiness. The product will allow institutions to gain exposure to XRP without direct token custody, a feature many funds require.
XRP Price Chart Momentum and Liquidity Conditions Signal Breakout
Technical charts are also in a bullish state. A 2-week view of XRP on Bybit shows a clean surge from $0.38 to $2.80 over the last year.
The Stochastic RSI indicator indicates a new crossover in the low range, which has historically led to rallies. The pattern mirrors the setup that led to XRP’s 2023 breakout post-regulatory clarity.
Additionally, the liquidity heatmaps displayed by CoinGlass indicate that resistance walls above the levels of 2.80 have been mostly swept away. It paves the way towards new highs.
Chad Steingraber noted that the scale of Upbit’s inflow activity represents one of the strongest single-platform XRP buy actions ever recorded. XRP could soon test levels above $3.00 as sell-side liquidity thins and order books shift.
