The recent, and frankly rather vulgar, decline in the valuation of XRP – a precipitous fall of over fifteen per cent on the 23rd, you understand – appears to be attributable, in the rather tiresome fashion of these things, to the excitable natives of South Korea. Specifically, the trading platform Upbit, which, it seems, decided to have a bit of a clear-out. One gathers they simply *chose* violence, as the modern parlance has it. Over seventy-five million XRP were dispatched with indecent haste.
A Most Unseemly Affair
A chap called Dom (@traderview2), an analyst of some sort, has been poking about the order books and churning out charts – a modern equivalent of reading tea leaves, really – and discovered that while other, more sensible exchanges remained relatively unmoved, Upbit went positively berserk. Their contribution to the downward trend was, to put it mildly, substantial. The entire episode smacks of a particularly ill-advised outing.
One notes with a certain weary resignation that the order books were, apparently, rather ‘empty.’ A curious lack of conviction, wouldn’t you agree? The swiftness of the descent, then, was entirely predictable. It all rather suggests a market built on…well, let’s just say optimism rather than solid foundations. A mere three dollars and a bit is where it now languishes. 🙄
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The irony, of course, is that the preceding ‘surge,’ as they call it, was also largely the fault of Upbit. The Koreans, it seems, have a penchant for inflating bubbles and then, rather disappointingly, puncturing them. A game, one suspects, they play with gusto. It’s a ‘pump AND dump,’ as Dom so succinctly puts it. One wouldn’t want to use such vulgar language, naturally, but it captures the essence of the affair perfectly.
The result, naturally, has been a spot of bother for those who overextended themselves with ‘futures.’ A rather alarming $82.8 million in liquidations, to be precise. A salutary lesson, perhaps, in the dangers of excessive leverage. One feels a twinge of sympathy, but not nearly enough to do anything about it. 🤷♀️
As of this moment, XRP is trading at a dismal $3.09. A price which, one trusts, will not offend too many sensibilities.
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2025-07-24 16:24