XRP News Today: XRP Plunges 15% as Upbit's 75M Token Sell-Off Sparks Market Panic

Upbit, South Korea’s leading cryptocurrency exchange, experienced a dramatic surge in XRP trading activity in early July 2025, with the XRP/KRW pair accounting for 14.04% of its 24-hour trading volume, which peaked at $3.20 billion. This marked one of the largest single-day trading volumes for XRP globally, driven by intense retail participation in the Korean market [1]. The surge underscored the exchange’s outsized influence on XRP’s price dynamics, as nearly 20% of the asset’s circulating supply was reportedly traded on Korean spot markets during the period [2]. Analysts highlighted that the activity mirrored a similar $3.8 billion spike in December 2024, reinforcing the Korean market’s recurring role in shaping XRP’s volatility [3].

However, the momentum was abruptly reversed on July 24, 2025, when a massive sell-off of over 75 million XRP tokens on Upbit triggered a 15% price drop to $3.05. The event caused $89 million in futures liquidations and sparked widespread panic, with market observers attributing the crash to concentrated selling pressure on the platform. During the decline, Upbit accounted for 57.07% of XRP’s global trading volume, amplifying the impact of the liquidity shift [4]. CryptoQuant analysts noted that Korean trading activity often accelerates during altcoin booms, creating a feedback loop of rapid price increases followed by corrections [5].

The surge and subsequent crash revealed systemic risks tied to Upbit’s dominance in regional trading. For instance, the exchange handled 43.56% of SAHARA’s trading volume, illustrating how its actions can disproportionately affect market stability [6]. Retail investors, driven by localized FOMO (fear of missing out), fueled earlier buying frenzies, but the July 24 sell-off highlighted vulnerabilities when liquidity reversals occur. CoinMarketCap data showed XRP’s price had risen 46.54% over 30 days, reflecting sustained interest, while its 24-hour trading volume dropped 35.11% to $6.27 billion in the aftermath of the crash [7].

The event also exposed broader market dynamics. While XRP faced sharp declines, other assets like Hyperlane (HYPER) saw gains, surging over 30% to $0.5244. This contrast illustrated the duality of Korean investor sentiment, which oscillates between bullish altcoin speculation and panic-driven liquidations. Upbit’s rapid listing of 37 new Korean won-denominated assets in 2025 had expanded retail access to altcoins, further fueling short-term volatility [8].

Experts from Coincu emphasized the Korean market’s unique position in influencing XRP’s trajectory, noting that local spot market dynamics often outpace global trends during altcoin cycles. However, the lack of international regulatory responses and reliance on domestic exchange activity could perpetuate trading fluctuations [9]. Market participants were advised to monitor exchange-specific liquidity patterns and global trends to navigate the volatile landscape.

For investors, the XRP event serves as a cautionary tale about liquidity concentration. While Upbit’s dominance provides accessibility, it also creates vulnerabilities when large-scale selling occurs. Analysts urge diversified strategies to mitigate risks in a market where regional dynamics can swiftly redefine global cryptocurrency trajectories.

Sources:

[1] [XRP News Today: XRP Plunges 15% to $3.05 as Upbit's ...] [https://www.ainvest.com/news/xrp-news-today-xrp-plunges-15-3-05-upbit-75m-token-sell-sparks-market-panic-2507/]

[2] [Upbit Sees XRP Trading Surge in Korean Market] [https://coinmarketcap.com/community/articles/6884c39bde8dcb0b93143737/]

[3] [XRP News Today: Hyperlane (HYPER) surges over 30% to ...] [https://www.ainvest.com/news/xrp-news-today-hyperlane-hyper-surges-30-0-5244-korean-market-trading-volume-jumps-94-5-2507/]

[4] [Upbit's XRP Move Sparks Panic, Is It Behind Ripple's 15% ...] [https://cryptoadventure.com/upbits-xrp-move-sparks-panic-is-it-behind-ripples-15-dump/]

[5] [Upbit's XRP Move Sparks Panic, Is It Behind Ripple's 15% ...] [https://cryptoadventure.com/upbits-xrp-move-sparks-panic-is-it-behind-ripples-15-dump/]

[6] [XRP News Today: XRP Plunges 15% to $3.05 as Upbit's ...] [https://www.ainvest.com/news/xrp-news-today-xrp-plunges-15-3-05-upbit-75m-token-sell-sparks-market-panic-2507/]

[7] [XRP Price Falls 10% Amid $140M Transfers Linked to ...] [https://coincentral.com/xrp-price-falls-10-amid-140m-transfers-linked-to-ripple-co-founder/]

[8] [XRP News Today: Hyperlane (HYPER) surges over 30% to ...] [https://www.ainvest.com/news/xrp-news-today-hyperlane-hyper-surges-30-0-5244-korean-market-trading-volume-jumps-94-5-2507/]

[9] [Upbit's XRP Move Sparks Panic, Is It Behind Ripple's 15% ...] [https://cryptoadventure.com/upbits-xrp-move-sparks-panic-is-it-behind-ripples-15-dump/]