XRP encountered a steep decline of 10.34% on July 23, 2025, the most significant plunge since early April. Its price fell to $3.09 on Binance, nearing the critical $3 mark. Although last-minute purchases momentarily stalled a more dramatic fall, the market remains uneasy, anticipating another potentially negative day, highlighting a lack of investor confidence.
What Caused XRP’s Unexpected Tumble?
XRP ranked as the fifth poorest performer among the top 100 cryptocurrencies, according to CoinMarketCap. Only Celestia, FLOKI, Worldcoin, and Aptos fared worse. As anxiety over XRP’s ability to hold above $3 spreads, selling pressure is intensifying.
The recent decline on July 23 mirrored the significant downturn on February 2, marking one of the year’s most challenging days. It followed another notable incident in March, when XRP fell by an alarming 18.8%, and a similar downturn on April 3, linked to new customs tariffs.
Data from CoinGlass indicates the liquidation of $112.81 million in XRP positions within 24 hours, with long positions accounting for $105.79 million. The sheer volume of liquidations created a ripple effect in leveraged trades, contributing to increased market volatility.
Did Upbit Intensify XRP’s Price Drop?
Upbit, a prominent choice among South Korean traders, was at the center of the selling frenzy. The release of 75 million XRP in a single day heightened liquidity and exerted further downward price pressure. Earlier in the month, South Korean buyers had previously bolstered prices significantly.
Some market experts attribute this wave of selling to overarching global economic pressures alongside recent profit-taking activities. Despite the adverse conditions, XRP managed temporary support above $3, indicating that some market participants remain active buyers.
The ongoing presence of red candlesticks suggests that XRP’s volatility will likely continue in the short term. To regain the $3.50 threshold, overcoming sell walls on exchanges and mitigating large leverage volumes will be crucial.
The current situation with XRP provides valuable takeaways:
- XRP’s price movement remains highly susceptible to market speculation.
- Large-scale liquidations can trigger extensive market reactions.
- Exchange activity, particularly on platforms like Upbit, significantly influences price trends.
While recent developments have put XRP under strain, the ability of buyers to stabilize its price near critical levels suggests some resilience in the market. Whether this can translate into a sustained recovery remains uncertain. As conditions evolve, stakeholders continue to closely monitor XRP’s performance in a highly unpredictable environment.
