XRP, one of the largest altcoins, reached the $1.66 resistance level this weekend with its recovery, but this attempt was unsuccessful. As a result of yesterday’s drop, XRP fell from $1.66 to $1.46.
According to the analyst, this sudden drop in XRP was linked to a massive sell-off on Upbit, South Korea’s largest exchange.
Accordingly, XRP experienced a 16% correction due to the large-scale sell-off on Upbit.
At this point, analyst Dom shared that the reason for the big drop was a wave of local selling on Upbit.
The analyst explained that the drop was due to net sales of over 50 million XRP on Upbit within a 15-hour period.
While the trading balance on other major exchanges like Binance and Coinbase remained stable, only Upbit’s spot Cumulative Volume Delta (CVD) indicator decreased, dragging down the overall market price.
According to the analyst’s research, fraudulent XRP transactions accounted for less than 0.07%, indicating that sales originated from genuine retail or institutional investors.
He also noted that selling pressure on XRP intensified between 23:00 and 03:00 UTC, with approximately 2,500 sell orders placed per minute.
XRP, which has fallen by 11% in the last 24 hours, continues to trade at $1.46.
*This is not investment advice.
