- XRP dropped 19% since July 21, with a steep 10% fall on July 23 causing large-scale long position liquidations on Binance.
- On-chain tracker ZachXBT linked 50 million XRP transfers to Ripple Co-Founder Chris Larsen, sparking heavy selling pressure across exchanges.
- Binance recorded the third-largest XRP liquidation of 2025, totaling 2.3 million XRP valued at approximately $7.3 million in one day.
XRP long positions on Binance faced heavy liquidation after allegations surfaced against Ripple co-founder Chris Larsen for offloading XRP. These developments have triggered a sharp price drop and widespread market reaction.
Alleged Sales by Chris Larsen Spark Market Reaction
An investigation by ZachXBT, a recognized on-chain analyst, claims a wallet linked to Chris Larsen moved large volumes of XRP. According to the report, the wallet reportedly transferred 50 million XRP, with approximately $140 million distributed across multiple exchanges.
Since July 15, the movement of XRP from this wallet has reportedly accelerated. Notably, on July 24 alone, 42 million XRP were withdrawn, following a previous spike in activity on July 18. The investigation has drawn attention as it coincides with intensified market volatility around the XRP token.
Darkfost noted the liquidation of XRP longs, directly linking them to these suspected sales. The activity reportedly initiated mass selling pressure, contributing to the ongoing price drop.
Price Drop Fuels Long Liquidations on Binance
Following the alleged movements, XRP has seen a sharp price decline. From July 21, the token has fallen nearly 19%. The sharpest one-day decline occurred on July 23, with a 10% drop.
This price crash triggered a substantial wave of long liquidations. Binance alone reportedly liquidated around 2.3 million XRP in long positions, equivalent to $7.3 million. This marks the third-largest liquidation event for XRP on Binance since the start of 2025.
The rapid sell-offs have raised concerns among leveraged traders and reflect the volatility triggered by large token transfers linked to key industry figures.
Broader Liquidation Across Crypto Market
The XRP-focused liquidations occurred amid a wider market correction. According to @cryptohodlpod, $957 million worth of leveraged longs were liquidated across the crypto market in the past 24 hours.
This large-scale wipeout adds further context to the XRP liquidation, as heightened selling and risk-off sentiment sweep through trading platforms. XRP’s role in this broader movement stands out due to the suspected link with a Ripple executive’s wallet.
Ongoing wallet tracking and market surveillance remain active as traders assess potential price directions.
