Recent events surrounding XRP have led to a significant price drop and large-scale liquidations of long positions on Binance, linked to allegations against Ripple co-founder Chris Larsen.
Investigation and XRP Movements
On-chain analyst ZachXBT claims that a wallet associated with Chris Larsen moved large volumes of XRP. According to the report, the wallet transferred 50 million XRP, distributed across multiple exchanges. Since July 15, the movement of XRP from this wallet has reportedly increased, with 42 million XRP withdrawn on July 24.
Sharp Price Drop and Liquidations
From July 21, XRP has fallen nearly 19%, with a significant 10% decline occurring on July 23. This price drop triggered substantial liquidation of long positions on Binance, totaling around 2.3 million XRP worth $7.3 million, marking the third-largest liquidation of XRP on Binance in 2025.
Wider Impact on Crypto Market
The liquidations focused on XRP occurred amid a broader market correction, with approximately $957 million in leveraged longs liquidated across the crypto market in the past 24 hours. This highlights rising concerns among traders in reaction to rapid price changes linked to key figures in the industry.
The current situation with XRP and the liquidations on Binance underscores the high volatility of the crypto market, with the actions of key figures like Chris Larsen continuing to significantly influence market sentiment.
