Upbit’s XRP Move Sparks Panic, Is It Behind Ripple’s 15% Dump?

TL;DR

• Upbit offloads 75M XRP, dragging the price down to $3.05 in a sharp correction.
• Whale wallets scoop up 280M XRP in the past few weeks, pointing to an increasing demand from large players.
• XRP sees $14.2B in trading volume as charts point to $15 if $3 support stays firm.

Large Sell Order Triggers Sharp Drop

Ripple’s XRP price dropped more than 15% over the past 24 hours, sliding to $3.05 after a large amount of tokens was sold on the Korean exchange Upbit. The move involved more than 75 million XRP, sold directly on the market, according to crypto analyst Dom. With limited buying depth on the order books, the sell-off quickly pushed the price lower.

https://twitter.com/traderview2/status/1948138877257994376?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

Meanwhile, the sharp reduction was preceded by a jump above $3.65 last week. XRP had just soared to all-time highs, but this was derailed by the rapid selling. 

At press time, the price is trading around $3.00, which is considered a key support level. According to analysts, such a position would give XRP a grip to sustain its last structure.

Whale Activity Shows Accumulation Despite Price Dip

Although short-term price action is weak, large holders have been building their holdings. Data shared by analyst Ali Martinez shows that whales have added more than 280 million XRP over the past 10 days. 

https://twitter.com/ali_charts/status/1948035123552673954?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank” rel=”nofollow noopener

This type of accumulation is common during periods of volatility. Although prices have dropped today, whales’ continuous buying may offer support if the $3.00 level holds over the next few days.

Short-Term Pullback After Resistance Rejection

CryptoWZRD’s daily update notes that XRP/USD and XRP/BTC both closed in the red. The drop appears to be linked to a rise in Bitcoin dominance, which tends to pull money away from altcoins. After touching resistance near $3.65, XRP failed to break through and has since pulled back.

Notably, the chart shows a typical retracement pattern. The zone between $3.00 and $3.10 now acts as a key range. If bulls step in here, the price could recover. 

As per our weekly analysis, resistance remains in place near $3.60 and $4.00. A strong move above those levels may bring back upward momentum.

Ripple CEO Warns Users About Scam Accounts

Ripple’s CEO has issued a warning to users about scam accounts claiming to give promotions or giveaways. The team advised the community not to interact with unverified accounts or hard-to-check deals.

XRP is drawing attention as trading volume hits $14.2 billion, and long-term projections suggest a path toward $15 if support at $3 holds.

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