XRP experienced a sharp price decline of 10.34%, marking its most significant single-day drop in several months. This recent drop highlights the asset’s sensitivity to exchange activity and broader cryptocurrency market trends.
The downturn was notably influenced by heavy selling pressure on South Korea’s Upbit exchange, where over 75 million XRP tokens were sold, contributing significantly to the price slide. Concurrently, heightened market volatility triggered substantial liquidations, totaling $89.68 million in XRP long positions.
Technically, XRP faces considerable bearish pressure. Trading around $3.09 on Bitstamp, the asset is testing fragile support levels, indicating ongoing challenges for buyers seeking to stabilize the price.
Despite the pronounced drop and market pressure, XRP demonstrated a degree of resilience by managing to hold above critical support thresholds identified by analysts. The event underscores how concentrated exchange flows can rapidly impact XRP’s valuation.