XRP News Today: XRP Plummets as 75M Tokens Sold on Upbit Amid $3 Support Fight

A surge of selling pressure on South Korea’s Upbit exchange has triggered a sharp decline in XRP’s price, with over 75 million tokens sold via market orders within 24 hours. The rapid liquidation has drawn attention from traders and analysts, who are monitoring the cryptocurrency’s ability to hold key support levels amid weak liquidity conditions. Orderbook data reveals a significant imbalance in buyer demand, with aggressive sell orders overwhelming exchanges and accelerating the downward trend [1].

The sale activity on Upbit, highlighted by cumulative volume delta (CVD) metrics, underscores the exchange’s dominant role in the recent price movement. While global platforms like Binance and Kraken registered bearish skew in their orderbooks, Coinbase showed relatively muted participation. The CVD charts indicate that South Korea accounted for the bulk of the selling pressure, with liquidity shortages exacerbating the decline [2]. Analysts note that the price drop was compounded by a lack of meaningful buy-side participation, particularly at higher price levels, leaving XRP vulnerable to further downside [3].

Technical indicators suggest that the $3 level has become a critical support zone for XRP, with initial bids emerging as the token approaches this threshold. However, the resilience of this level remains uncertain, as sellers continue to dominate the short-term outlook. Observers caution that a breakdown below $3 could intensify downward momentum, given the limited support available in the current market structure [4].

The event has raised broader questions about market dynamics and liquidity management in the XRP ecosystem. Upbit’s decision to execute large-scale market orders has drawn comparisons to “pump and dump” strategies, with critics pointing to the lack of regulatory safeguards in such transactions. While the exchange did not provide an official explanation for the activity, the rapid sell-off has underscored vulnerabilities in the cryptocurrency’s orderbook depth, particularly during periods of high volatility [5].

Market participants are now closely watching for signs of stabilization or renewed selling pressure. The absence of significant buying interest on major exchanges, coupled with the ongoing bearish bias on orderbook profiles, suggests a cautious outlook. Analysts emphasize that the immediate focus should remain on the $3 level, as its sustainability will determine whether the price can consolidate or face further deterioration [6].

Source:

[1] [title1] [https://coinmarketcap.com/community/articles/68820b21b4267f2698cb7528/]

[2] [title1] [https://coinmarketcap.com/community/articles/68820b21b4267f2698cb7528/]

[3] [title1] [https://coinmarketcap.com/community/articles/68820b21b4267f2698cb7528/]

[4] [title1] [https://coinmarketcap.com/community/articles/68820b21b4267f2698cb7528/]

[5] [title1] [https://coinmarketcap.com/community/articles/68820b21b4267f2698cb7528/]

[6] [title1] [https://coinmarketcap.com/community/articles/68820b21b4267f2698cb7528/]