$XRP just nuked 12% in 24 hours… and if you’re wondering why, I’ve been watching this unfold all day — here’s what I think is really happening 👇
First off, the SEC scheduled a closed-door meeting for July 24 — words like “settlement” and “litigation resolution” were in the agenda. No official XRP news, but you already know how the market runs with speculation. Traders saw it as bearish for Ripple… and started dumping.
That’s when Upbit came in hot — someone unloaded 75 million XRP ($229M), mostly on thin books. That’s like 23% of XRP’s total trading volume in a single move. Total chaos.
Then came the cascade — $89M in XRP longs liquidated. And it wasn’t just XRP… altcoins across the board started bleeding as BTC dominance surged to 61.4%.
Also — and I don’t know if this matters or just adds fuel — but Ripple’s co-founder Chris Larsen moved $140M worth of XRP to exchanges recently. People freaked, even though it could’ve just been his personal rebalancing.
From a charting POV, XRP broke its 38.2% Fib at $3.05, couldn’t hold $3.65, and the MACD flipped bearish. RSI still isn’t oversold either, which tells me this could go lower if sentiment doesn’t flip fast.
So yeah — this feels like a mix of SEC panic, whale activity, and heavy leverage getting flushed.
Me? I’m watching the $3.05 level closely. If we break below and stay there, I wouldn’t be surprised to see $2.67 next.
What about you? Do you think the SEC ruling will bring relief… or is this just the beginning of a deeper altcoin flush?