Analyst Reveals The Real Reason XRP Price Crashed | XRP News
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An abrupt XRP sell‑off by more than -15% on 23 July was pushed overwhelmingly by aggressive market promoting on South Korean exchange Upbit, in response to unbiased analyst Dom (@traderview2), who revealed multi‑venue order e-book heatmaps and cumulative quantity delta (CVD) knowledge to X. “Korean market Upbit chose violence today on XRP,” he wrote, quantifying “Over 75 million XRP sold at market over the last 24 hours.”
Why Did XRP Crash Yesterday?
The spot CVD chart shared by Dom isolates internet market shopping for and promoting throughout main venues. While Binance, Coinbase, Bybit, OKX, Kraken and Bitstamp CVD strains remained comparatively flat to modestly detrimental, the Upbit CVD (purple line) plunged in a close to‑one‑means trajectory to roughly –75 million XRP during the period, mirroring the intraday decline within the average spot price plotted alongside it. The analyst said: “The pump AND dump was brought to you by Upbit… The orderbooks have been pretty empty, thus the quick move down today.”
Concurrent order e-book heatmaps for Binance, Coinbase, Binance USDⓈ‑M perpetuals and Kraken show a sharp breakdown from current highs above $3.5 towards the mid‑$3.1 space during the session. Visible liquidity pockets had been skinny above price, with bids clustering slightly below, in step with Dom’s statement that depleted depth amplified the influence of the concentrated Upbit circulate.
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He added that “We have reached some bids around $3, which I am monitoring now,” emphasizing that “I think we want that area hold to keep shorter term bull structure in tact.”
The identical source underscored that the Korean venue had additionally dominated the previous upside section. On 11 July, Dom attributed the sooner surge to localized demand: “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.” That earlier burst of concentrated shopping for was later offset by the most recent wave of concentrated promoting, producing what he characterised as a “pump AND dump” sequence centered on Upbit’s order circulate.
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Taken collectively, the info depict a two‑stage transfer wherein initial Korean spot accumulation drove price enlargement, adopted days later by heavy Korean liquidation into a structurally skinny world order e-book, accelerating XRP’s descent. Dom’s monitoring focus now rests on whether or not the recognized bid curiosity round $3 can stabilize price and protect the shorter‑time period bullish construction he references. As of the charts revealed, that help zone remained the essential close to‑time period degree.
Notably, spinoff positioning intensified the transfer: CoinGlass knowledge exhibits that XRP futures long positions suffered roughly $82.8 million in liquidations yesterday, second solely to Ether and forward of Bitcoin, with whole market long liquidations exceeding $630 million. This compelled deleveraging doubtless compounded the spot strain as cascading margin calls translated into further market sell orders, reinforcing the speedy draw back extension initiated on Upbit.
At press time, XRP traded at $3.09.
Featured image created with DALL.E, chart from TradingView.com
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