Reason to trust
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
XRP experienced a sharp decline, plummeting over 15% on July 23rd. An analysis by Dom (@traderview2) points to aggressive selling activity on the South Korean cryptocurrency exchange, Upbit, as the primary driver. Dom shared order book heatmaps and cumulative volume delta (CVD) data on X, stating that “Korean market Upbit chose violence today on XRP,” and quantifying “Over 75 million XRP sold at market over the last 24 hours.”
Why Did XRP’s Price Drop Yesterday?
Dom’s CVD chart highlights the difference between buying and selling volume across various major exchanges. While Binance, Coinbase, Bybit, OKX, Kraken, and Bitstamp showed relatively stable or slightly negative CVD lines, Upbit’s CVD (represented by the purple line) saw a significant downward spiral, reaching approximately -75 million XRP. This mirrored the intraday decrease in XRP’s average spot price. The analyst observed, “The pump AND dump was brought to you by Upbit… The orderbooks have been pretty empty, thus the quick move down today,” suggesting that low liquidity amplified the impact of Upbit’s selling pressure.
Order book heatmaps from Binance, Coinbase, Binance USDⓈ‑M perpetuals, and Kraken indicated a significant drop from recent highs above $3.5 towards the $3.1 range. The heatmaps showed limited liquidity above the price, with buy orders concentrated just below, supporting Dom’s theory that a lack of market depth intensified the effect of the concentrated selling on Upbit.
Related Reading
The analyst further noted, “We have reached some bids around $3, which I am monitoring now,” adding “I think we want that area hold to keep shorter term bull structure in tact.”
The analyst highlighted that the Upbit exchange also played a significant role in XRP’s earlier price increase. On July 11th, Dom attributed the surge to localized demand, stating that “XRP pump brought to you mainly by the Koreans on Upbit. Binance market tailing behind. All other venues basically flat (Coinbase barely participating). Nearly 30M $XRP market bought on top exchanges over the last hour.” This concentrated buying was subsequently reversed by the recent wave of selling, resulting in a “pump AND dump” pattern centered around Upbit’s trading activity.
Related Reading
In summary, the data indicates a two-stage movement: initial buying by Korean investors increased the price, followed by heavy selling by the same group due to a lack of global liquidity. Dom is currently watching whether the buy orders around $3 can stabilize the price and maintain the short‑term bullish outlook. As of the published charts, this support area remains a crucial near-term level to watch.
Notably, derivatives trading amplified the impact. CoinGlass data reveals that XRP futures traders holding long positions experienced approximately $82.8 million in liquidations yesterday. This was second only to Ether and higher than Bitcoin. Total market long liquidations were over $630 million. This forced deleveraging likely made the spot price drop worse, as margin calls resulted in further market sell orders, reinforcing the downward pressure that originated on Upbit.
At the time of writing, XRP was trading at $3.09.
Featured image created with DALL.E, chart from TradingView.com