An abrupt sell-off of XRP, primarily driven by Upbit, saw over 75 million XRP sold, raising concerns about market liquidity and price stability.
On July 23, XRP experienced a significant sell-off of over 15%, predominantly attributed to aggressive market selling on the South Korean exchange Upbit. Independent analyst Dom reported that more than 75 million XRP were sold at market, leading to a rapid decline in price. The cumulative volume delta (CVD) data indicated that Upbit's order book was largely responsible for the downturn, with other major exchanges showing comparatively flat activity. XRP's price fell from over $3.5 to around $3.1, with futures long positions suffering approximately $82.8 million in liquidations, compounding the downward pressure. As of the latest data, XRP was trading at $3.09.