Analyst Reveals The Real Reason XRP Price Crashed Yesterday
On 23 July, XRP experienced a sell-off exceeding 15%, primarily driven by aggressive selling on the South Korean exchange Upbit, which accounted for over 75 million XRP sold in 24 hours. The cumulative volume delta (CVD) data indicated a significant decline in Upbit's market activity, contrasting with stable or slightly negative CVD on other major exchanges like Binance and Coinbase. This sell-off followed a previous surge in XRP prices, also influenced by Upbit's localized demand. The rapid price drop was exacerbated by thin liquidity in the global order book, leading to a "pump AND dump" scenario. XRP futures long positions faced approximately $82.8 million in liquidations, contributing to the downward pressure as forced deleveraging resulted in additional market sell orders. As of the latest data, XRP was trading at $3.09, with critical support around the $3 level being monitored for potential stabilization.
