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.