XRP News Today: XRP Plummets 15% as Upbit's 75M XRP Sell-off Crushes Liquidity, Analysts Say

XRP’s sharp price decline of over 15% on July 23 was primarily attributed to heavy selling pressure on South Korean exchange Upbit, according to independent analyst Dom (@traderview2). The analyst provided cumulative volume delta (CVD) data and order book heatmaps, revealing that Upbit accounted for nearly 75 million XRP sold at market within 24 hours. This outflow overwhelmed the asset’s liquidity, accelerating the price drop as thinner order books failed to absorb the concentrated selling. “Korean market Upbit chose violence today on XRP,” Dom noted, emphasizing that the exchange had also driven a prior price surge in early July through similar localized demand. The sell-off intensified derivative positions, with CoinGlass data showing $82.8 million in XRP futures liquidations, compounding the downward momentum [1].

The CVD analysis highlighted divergent market behavior across exchanges. While platforms like Binance, Coinbase, and Kraken showed relatively flat net flows, Upbit’s CVD plummeted to -75 million XRP, aligning with the asset’s intraday price collapse. Order book heatmaps further illustrated weak liquidity above the $3.1 level, with bids clustered just below this threshold. Dom observed that this structural fragility—exacerbated by the Upbit outflow—triggered a rapid descent from recent highs above $3.50. “The pump AND dump was brought to you by Upbit… The orderbooks have been pretty empty, thus the quick move down today,” the analyst wrote.

The analyst’s focus now centers on whether $3.00 in support can stabilize the price and preserve short-term bullish momentum. Current heatmaps indicate thin pockets of buy interest at this level, though sustained selling could test deeper technical zones. Dom also noted that the same Korean-driven dynamics previously boosted XRP in early July, with nearly 30 million XRP purchased on top exchanges during that period. This “pump AND dump” pattern underscores the influence of regional exchange activity on the asset’s volatility [1].

Derivative markets amplified the sell-off, with cascading margin calls translating into additional spot pressure. Over $630 million in crypto liquidations occurred across major assets, including $82.8 million in XRP longs. This forced deleveraging exacerbated the price decline, particularly as traders with over-leveraged positions were pushed to liquidate holdings [1].

At the time of reporting, XRP traded at $3.09, finding temporary support near the 0.786 Fibonacci level. However, the asset’s trajectory remains contingent on whether key support holds and broader market sentiment stabilizes. Analysts caution that XRP’s centralized structure and reliance on corporate decisions by Ripple could persist as long-term risks, though some view the decline as a “healthy correction” rather than a terminal bearish signal [1].

Sources: [1] [Analyst Reveals The Real Reason XRP Price Crashed Yesterday](https://www.newsbtc.com/xrp-news/analyst-real-reason-xrp-price-crash-yesterday/)