Summary Points
TL;DR
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Price Drop: XRP’s price plummeted over 15% to $3.05 after Upbit sold 75 million tokens, triggering a sharp market correction.
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Whale Accumulation: Despite the price decline, whale wallets acquired 280 million XRP in just 10 days, indicating strong demand from large investors.
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Key Support Level: The $3.00 level is critical for sustaining XRP’s price structure, with analysts projecting a potential rebound toward $15 if this support holds.
- Market Dynamics: The recent pullback is linked to increased Bitcoin dominance and resistance at $3.65, suggesting that further upward momentum will depend on market conditions.
Upbit’s XRP Move Sparks Panic, Is It Behind Ripple’s 15% Dump?
Date: July 23, 2025
Ripple’s XRP experienced a significant drop of over 15% in the last 24 hours, falling to $3.05. This sudden decline followed a large sell-off of 75 million XRP on the Korean exchange Upbit. Analyst Dom noted that the market’s thin depth allowed the rapid price shift, as buying orders failed to absorb the large sell-off.
Despite the turbulence, XRP had recently peaked at $3.65 but could not maintain that momentum. Presently, it hovers around $3.00, a crucial support level for assessing potential recovery. Analysts believe that if XRP sustains this price, it may stabilize and regain value.
Interestingly, whale investors seem undeterred by the recent price drop. Over the past ten days, these large holders accumulated more than 280 million XRP, signaling strong demand from significant market players. This accumulation often occurs in volatile periods and could provide necessary support, especially around the $3.00 threshold.
Amidst this, market dynamics show XRP trading volumes hitting $14.2 billion. If it maintains support at $3, analysts predict a possible rise toward $15. Traders remain cautious, as historic resistance levels lie around $3.60 and $4.00. Surpassing these would indicate a revival of upward momentum for XRP.
In addition to market fluctuations, Ripple CEO Brad Garlinghouse issued a warning about a rise in scam accounts targeting users with fake promotions. He encouraged the community to verify accounts before engaging, reinforcing the need for vigilance in the crypto space.
Overall, while XRP faces short-term challenges, whale accumulation and high trading volume suggest potential for recovery. Investors and traders will closely watch the $3.00 support level to gauge XRP’s next moves.
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