The XRP market witnessed a major shake-up as unexpected players took control of price movements. According to Dom (@traderview2), South Korean exchange Upbit recorded a staggering 40 million XRP net sell within just 24 hours. This sudden activity sparked widespread concern among traders and analysts.

Upbit Outpaces Global Exchanges

During this sell-off, Upbit far outperformed other leading platforms. Binance, Coinbase, Bitstamp, and Kraken reported significantly smaller transaction volumes. This dominance underscored Upbit’s growing influence on XRP’s short-term price action.

Related article: XRP Whale Defies Market Panic After Multi-Million Liquidation

Upbit’s aggressive selling directly dragged XRP’s average spot price downward. The cumulative volume delta (CVD) chart highlighted a sharp decline on Upbit compared to other exchanges, suggesting coordinated selling or concentrated institutional activity. Interestingly, Bybit emerged as the only platform with a positive CVD, showing rare buyer momentum while others leaned bearish.

XRP Price Struggles to Hold Key Levels

On Bitstamp’s daily chart, XRP closed at $2.91968, dipping to $2.80378 during trading hours. The asset failed to regain the critical $3.00 support, closing with a 1.35% daily loss. Bollinger Bands indicated compressed price action, reflecting cautious trading behaviour. The 20-day SMA stood at $2.94484, while the lower band held at $2.76705.

_{Source: Tradingview}

The Relative Strength Index (RSI 14) slightly recovered to 51.51 after falling from its 79.87 July peak. Despite the rebound, momentum remained neutral as buyers and sellers continued testing market control.

Related article: XRP’s $38 Million Liquidation Wave Reveals Extreme Bullish Imbalance

The sheer volume of XRP outflows from Upbit, unmatched by other exchanges, raised suspicions. With no major regulatory events or headlines explaining the drop, analysts believe large-scale, hidden actors may be operating within Upbit’s order books. Traders now closely monitor Upbit’s next moves. Any renewed selling activity could heavily influence XRP’s market sentiment and direction in the coming sessions.