Update on Ripple (XRP) for July 24th

Update on Ripple (XRP) for July 24th

In a recent turn of events, the price of XRP plummeted by approximately 15% on the Upbit exchange, primarily due to a massive sell-off of over 75 million XRP tokens within a 24-hour period [1][2]. This sudden surge in market selling overwhelmed buyer demand, causing the price to plunge sharply.

The downward pressure intensified as leveraged traders holding long XRP positions were liquidated, amounting to nearly $90 million [1][3]. Additional contributing factors included thin order books and low visible liquidity on Upbit, which amplified the price impact of such concentrated selling [2].

Moreover, transfers of large XRP amounts linked to Ripple co-founder Chris Larsen—totaling around $140 million to exchanges since mid-July—may have contributed to bearish sentiment and trading activity [4].

The combination of a focused large sell order on Upbit and heavy leveraged liquidations triggered the sudden XRP price crash. This event occurred over July 23–24, 2025 [1][2][3][4].

Meanwhile, it's important to caution the XRP community about a new scam targeting them on YouTube, impersonating Ripple's official account. Scammers often make enticing offers that sound too good to be true. Always verify the source of information, and remember that if an offer seems too good to be true, it probably is not.

Despite the price crash, the XRPL, Ripple's blockchain powered by XRP, saw its wallet count reach 7.2 million, showing the strongest user growth since late 2024. Data from CryptoQuant revealed a steady growth in wallet creation on the XRPL since the middle of last year [5]. The increase in wallet creation tends to reflect stronger user participation and rising interest in the network.

However, the pace of new wallet creation on the XRPL is slowing down, suggesting lower market entry. This slowdown could be indicative of a weakening upward momentum on the XRPL. It's worth noting that official teams behind legitimate crypto projects rarely reach out to individuals or conduct spontaneous airdrops or promotions outside of their official channels without prior notice [6].

Following the intraday recovery, XRP is currently trading at around $3.16, resulting in a total loss of approximately 5% on the day. Despite the recent setback, XRP reached a peak of around $3.65, surpassing its previous all-time high from 2018 [7].

As always, it's crucial to exercise caution when investing in cryptocurrencies and to verify any information before making decisions. Ripple's CEO, Brad Garlinghouse, has warned XRP investors about a growing number of scammers impersonating the team with various offers [8]. Stay vigilant and make informed decisions.

References: [1] https://www.coindesk.com/news/2025/07/25/xrp-crashes-15-on-upbit-as-75m-worth-of-tokens-sold/ [2] https://www.bloomberg.com/news/articles/2025-07-25/upbit-says-xrp-crash-was-due-to-large-sell-order-and-leveraged-liquidations [3] https://www.coindesk.com/news/2025/07/25/90-million-long-positions-liquidated-during-xrp-crash-on-upbit/ [4] https://www.theblockcrypto.com/post/89694/xrp-price-crash-linked-to-chris-larsen-transfers-and-bearish-sentiment [5] https://www.coindesk.com/news/2025/07/26/xrp-price-crash-highlights-slowing-wallet-creation-on-xrpl/ [6] https://www.ripple.com/insights/blog/2025/07/beware-of-scammers-impersonating-ripple/ [7] https://www.coindesk.com/price/xrp [8] https://www.ripple.com/insights/blog/2025/07/beware-of-scammers-impersonating-ripple/

1. The sudden XRP price crash on Upbit, worth around 5%, was primarily due to a massive sell-off of over 75 million XRP tokens and heavy leveraged liquidations.
2. The transfers of large XRP amounts linked to Ripple co-founder Chris Larsen may have contributed to bearish sentiment and trading activity.
3. Despite the recent setback, Ripple's blockchain, the XRPL, saw its wallet count reach 7.2 million, showing strong user growth.
4. Caution is advised when investing in cryptocurrencies, especially XRP, as scammers impersonate Ripple's official account and offer enticing but potentially fraudulent opportunities.

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