Over the past seven days, $321 million worth of XRP flowed out of centralised exchanges worldwide, while Upbit alone recorded $135.9 million in net outflows.

The Crypto Basic, a blockchain media outlet, reported on June 6 that Upbit accounted for 42 percent of total outflows, the largest share among major exchanges.

The move came as XRP’s price recently plunged. Outflows from exchanges are typically seen as investors shifting assets to personal wallets for self-custody rather than selling immediately. It is also read as a supply-and-demand shift because it reduces sellable supply that could come to market right away.

CoinGlass data showed that over the past seven days, XRP saw net outflows of $73.03 million from Coinbase and $60.93 million from Binance. Bybit and OKX also posted net outflows of $15.00 million each. By contrast, Bitstamp recorded net inflows of $10.78 million and Crypto.com logged net inflows of $2.44 million.

In the short term, Coinbase’s outflow intensity stood out more. Over the past 24 hours, $14.67 million worth of XRP left Coinbase and $11.35 million left Upbit. On a cumulative basis over the past week, Upbit still held the largest share of net outflows.

As the outflows continued, Upbit’s XRP holdings also fell. CryptoQuant data showed Upbit’s XRP reserves declined to 6.497 billion tokens on the day from 6.515 billion on May 30. The movement of XRP off exchanges was also reflected in the drop in holdings.

XRP continued to weaken. XRP fell to $1.14 from $1.33 at the start of the month, down about 18 percent so far in June. During the period, XRP posted five straight trading days of intraday declines since the start of the month, and the possibility of a sixth consecutive drop was also raised.

The broader market weakness was driven by a decline in bitcoin. After bitcoin slid below $60,000 at one point last week, the overall crypto market re-entered a weak phase, and altcoins including XRP came under downward pressure as well.

That leaves a key question for the XRP market: whether shrinking exchange balances will translate into a real easing of selling pressure. If prices regain key support levels while outflows continue, expectations for a rebound could grow. An analysis also said that additional downside pressure remains if bitcoin weakness and leverage burdens persist.

Investor positioning also did not tilt solely toward selling. Investors pulled assets off exchanges while also keeping long positions in expectation of a rebound. With holding strategies continuing even in a period of heightened volatility, XRP supply and demand is likely to develop into a tug-of-war between shrinking exchange balances and attempts at a price rebound.