XRP Price Slides Under $1.5 Amid $50M Market Dump on Upbit

The XRP price’s recent attempt to rebound was halted after a sudden wave of selling pressure on Upbit. The Ripple token’s push to break out of the long-standing bearish trend quickly reversed, dragging the price down to the $1.4 level.

Upbit Sell-Off Triggers Sharp XRP Price Pullback

According to data alchemist Dom’s X post earlier today, the latest pullback in the XRP price is largely linked to a massive sell-off on Upbit. This sudden surge in sales intensified the prevailing crypto market crash. It further strengthened the XRP price’s downward trend, pushing the price to a two-day low.

Upbit, South Korea’s biggest cryptocurrency exchange, experienced an extraordinary trading volume when customers executed 50 million XRP sell orders during a brief 15-hour period. This massive XRP dumping event indicates two possible scenarios, which include a large whale selling its assets or retail traders who panic-sold their cryptocurrency.

Of these 50 million sales, only 0.07% constituted wash trading. This indicates that most of the Ripple token sales on Upbit were genuine. As Dom noted, “Dom’s analysis showed that wash trading made up less than 0.07% of the total activity, indicating that most of the selling was genuine. “Seems like real retail/institutional spot selling.”

In addition, the chemist stated that the exchange recorded 12,775 different trade sizes, with the heaviest selling taking place between 8:00 AM and 12:00 PM KST. During this period, the order book was handling around 2,500 sell orders every minute, with individual trades ranging from 100,000 to 250,000 XRP.

Ripple Token Falls Back into the Negative Territory

The XRP price has been experiencing extreme price fluctuations during the last several months, mirroring the general trends of the crypto market. CoinGape reported that the crypto market experienced a rebound despite the US government shutdown, sparking speculations of a possible market rally.

Experts predicted that the XRP price would experience an upward movement when it traded at $1.4 on Saturday, despite the government shutdown. The token soon increased to $1.6 while traders predicted that the price would continue to increase.

However, defying expectations, cryptocurrencies, including XRP, have once again dropped into their red zone. Now, the crypto market has declined by 3.13%, bringing its total value down to $2.34 trillion, while the XRP token value is marked at $1.46. Over the last 24 hours alone, the Ripple token has plummeted by a notable 9%. Despite a 2.33% weekly hike, the altcoin has declined by a massive 29% over the last month.