Ripple’s XRP is experiencing significant turbulence after a major sell-off on the South Korean exchange Upbit. Over 75 million XRP tokens were liquidated within 24 hours, causing a sharp 15% price decline and bringing the price down to the critical $3 support zone. Despite the sudden drop, on-chain data shows that large holders are taking advantage of the dip, accumulating hundreds of millions of tokens in anticipation of a future rally.

The Trigger: Upbit’s 75M XRP Sell Order

XRP’s recent price action has been defined by extreme volatility, largely fueled by Upbit’s heavy selling activity. On July 23, Upbit dumped over 75 million XRP directly into the open market, causing a rapid price correction from above $3.65 to approximately $3.05. Analysts attribute the dramatic move to thin order books and limited liquidity on the exchange, which amplified the downward price pressure.

The timing of this sell-off was especially damaging, as XRP had just broken through major resistance levels earlier in the week, reaching new highs. Instead of consolidating its gains, the token was forced into a steep retracement, erasing a significant portion of its recent rally.

At the time of writing, XRP is trading close to $3.00, which many analysts view as a key psychological and technical support. If this level holds, it could form a base for the next upward push. However, failure to maintain this price range could lead to further declines toward the $2.80 zone.

Whale Accumulation Signals Confidence

Interestingly, while retail traders panic-sold their positions during the downturn, data from on-chain analytics indicates that whales — large holders with significant capital — have been quietly increasing their XRP positions. According to blockchain analyst Ali Martinez, whales have accumulated over 280 million XRP tokens in just the last 10 days. This buying spree suggests that institutional and high-net-worth investors view the current price dip as a strategic entry point.

Such behavior is not uncommon in crypto markets. Large investors often capitalize on periods of heightened volatility to build positions at discounted prices. If whale accumulation continues, it could provide strong support for XRP’s price in the near term, potentially leading to a reversal once selling pressure subsides.

Market Structure and Resistance Zones

From a technical perspective, XRP’s chart shows a clear rejection near the $3.65–$3.70 range, which now serves as an immediate resistance level. Beyond that, the next critical zone lies near $4.00. A breakout above these thresholds would be necessary to resume the bullish momentum that previously propelled XRP to all-time highs.

For now, analysts are keeping a close eye on the $3.00–$3.10 range, as this area has become a crucial battleground between bulls and bears. If buyers manage to defend this support level, XRP could aim for a rebound, with short-term targets around $3.40 and $3.60. Conversely, a breakdown below $3 could trigger a deeper retracement.

XRP’s trading volume remains high, with over $14.2 billion exchanged in the last 24 hours, underscoring the token’s popularity and volatility. This liquidity could play a pivotal role in shaping the next price move.

Ripple CEO Issues Scam Warning

Amid the price chaos, Ripple’s CEO has taken to social media to warn users about scam accounts falsely claiming to offer promotions or giveaways. The company urged investors to be cautious and avoid interacting with unverified sources, emphasizing the importance of security during times of heightened market activity.

The warning comes as scammers increasingly target the XRP community during price swings, seeking to exploit investor fear and excitement.

Path to $15: Is It Still Possible?

Despite the recent correction, long-term projections for XRP remain optimistic. If the $3 support level holds, analysts predict that the token could still aim for higher price levels, with potential upside targets around $5 in the medium term and up to $15 if market conditions remain favorable.

XRP’s future trajectory will likely depend on broader crypto market dynamics, including Bitcoin’s performance and overall risk sentiment among investors. As Bitcoin dominance grows, altcoins like XRP often experience temporary capital outflows, which could explain the current pullback.

Final Outlook

While the short-term outlook for XRP is uncertain due to the recent Upbit-driven sell-off, the broader trend shows resilience. The strong whale accumulation, combined with high trading volumes, suggests that smart money still sees significant value in Ripple’s ecosystem. For retail investors, this correction could be a critical test of patience and conviction.

If XRP can stabilize above $3 and regain upward momentum, the path to reclaiming higher resistance levels remains viable. However, traders must remain cautious and monitor key support levels to avoid getting caught in potential downside moves.