XRP weekend drop linked to massive sell-off on Upbit, analyst says

XRP attempted to break its $1.66 high over the weekend but suffered a 16% correction due to a large-scale sell-off on the South Korean exchange Upbit, U.Today reported. Crypto analyst Dom explained that the drop was caused by a net sale of over 50 million XRP on Upbit within a 15-hour window. While the buy-sell balance on other major exchanges like Binance and Coinbase was stable, only Upbit's spot Cumulative Volume Delta (CVD) indicator plummeted, dragging down the overall market price. Dom added that an investigation revealed wash trading accounted for less than 0.07%, suggesting the sell-off came from genuine retail or institutional investors. The selling pressure was reportedly concentrated between 11:00 p.m. and 3:00 a.m. UTC, with approximately 2,500 sell orders placed per minute.