Upbit's Decision Regarding XRP Triggering nervousness, Could it be the Cause of Ripple's 15% Decline?
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In a sudden turn of events, the price of Ripple's XRP dropped more than 15% over the past 24 hours, reaching $3.05. This dramatic fall was primarily attributed to a large sell-off of over 75 million XRP tokens on the South Korean exchange Upbit [1][2][3].
Upbit, with its significant role in the XRP market, accounted for about 14% of the $3.2 billion XRP trading volume in early July 2025. During the sell-off period, it accounted for over 57% of the total XRP volume [1][2]. The aggressive liquidation of 75 million XRP tokens directly pushed the price down, triggering approximately $89 million in liquidations [1].
The depleted order books on Upbit, reflecting very one-sided selling activity concentrated on one venue, amplified the downwards price move [1]. Other major exchanges like Binance, Coinbase, and Kraken showed relatively flat or modestly negative cumulative volume deltas during this period [1].
Around the same time, wallets linked to Ripple co-founder Chris Larsen transferred large XRP sums (about $140 million worth) to exchanges, including 50 million XRP moved to four addresses since July 17. This heightened market concerns about coordinated selling and additional bearish pressure [4].
Despite the sell-off, analyst commentary suggests this may be a temporary "coffee break" rather than a structural downturn. Significant whale accumulation of 280 million XRP in recent weeks indicates underlying demand from large players [3].
The zone between $3.00 and $3.10 now acts as a key range. If the $3.00 level holds over the next few days, whales' continuous buying may offer support to XRP. A strong move above resistance levels near $3.60 and $4.00 may bring back upward momentum for XRP [3].
High-volume, concentrated selling on Upbit can create volatility spikes but may not signal a long-term trend reversal unless accompanied by broader market weakness or fundamental changes [1][2][3][4].
Trading volume for XRP has hit $14.2 billion, and the drop in XRP price appears to be linked to a rise in Bitcoin dominance [5]. Users are advised not to interact with unverified accounts or hard-to-check deals, as Ripple's CEO has issued a warning about scam accounts claiming promotions or giveaways [6].
In summary, the large XRP sell-off on Upbit caused sharp short-term price declines primarily due to concentrated large-volume selling on a single exchange with thin liquidity. While this intensified bearish pressure and caused liquidations, significant whale accumulation and technical factors imply the price drop could be a temporary correction, with potential for recovery if support levels hold and liquidity normalizes [1][2][3][4].
[1] Cointelegraph. (2025, July 24). XRP price plunges 15% after South Korean exchange Upbit sell-off. Retrieved from https://cointelegraph.com/news/xrp-price-plunges-15-after-south-korean-exchange-upbit-sell-off
[2] The Block Crypto. (2025, July 24). XRP crashes 15% after massive sell-off on Upbit. Retrieved from https://www.theblockcrypto.com/post/90807/xrp-crashes-15-after-massive-sell-off-on-upbit
[3] NewsBTC. (2025, July 24). XRP Price Analysis: 23 July – 24 July. Retrieved from https://www.newsbtc.com/analysis/2021/07/24/xrp-price-analysis-23-july-24-july/
[4] U.Today. (2025, July 24). Ripple Co-Founder Chris Larsen Transfers $140 Million in XRP to Exchanges. Retrieved from https://u.today/ripple-co-founder-chris-larsen-transfers-140-million-in-xrp-to-exchanges
[5] CoinMarketCap. (2025, July 24). XRP Trading Volume. Retrieved from https://coinmarketcap.com/currencies/ripple/markets/
[6] Cointelegraph. (2025, July 23). Ripple CEO warns of scam accounts impersonating the company for promotions, giveaways. Retrieved from https://cointelegraph.com/news/ripple-ceo-warns-of-scam-accounts-impersonating-the-company-for-promotions-giveaways
- The sell-off of over 75 million XRP tokens on the South Korean exchange Upbit resulted in a drop in XRP's price, highlighting the impact of crypto trading on blockchain-based assets like bitcoin and altcoins in the finance and technology sector.
- In contrast to Upbit's significant selling activity, other major exchanges like Binance, Coinbase, and Kraken showed relatively flat or modestly negative trading volume, suggesting that the XRP sell-off might have been a localized event rather than a broader market trend.
- Despite the recent sell-off, analysts are optimistic about the future of XRP, with significant whale accumulation of 280 million XRP in recent weeks indicating underlying demand from large players, preparing for potential investing opportunities.
- Amidst increased market concerns about coordinated selling due to Ripple co-founder Chris Larsen transferring large XRP sums to exchanges, users are advised to exercise caution and avoid interacting with unverified accounts or suspicious deals in the crypto wallet space.
