Ripple (XRP) News Today July 24th

Tremendous volatility, important warnings coming straight from the CEO – Brad Garlinghouse, whales going wild, and more – check out the most important news associated with Ripple (XRP) from the past few days.

XRP Price on a Rollercoaster

XRP has been the main subject of discussion throughout the past few days. The cryptocurrency went on to chart a fresh all-time high, surpassing its previous peak from 2018. Just a few days ago, it reached a peak of around $3.65.

This resulted in a market capitalization of around $207 billion, making it not only the third-largest cryptocurrency (by this metric) but also larger than companies such as Uber, Xiaomi, Boeing, Siemens, AT&T, and many more. But the celebrations were short-lived.

In a sudden whale-like move on the Korean exchange Upbit, over 75 million XRP was offloaded and sold directly on the market, according to crypto analyst Dom. The limited buying depth on the order book meant that there was no one to balance the selling pressure, which ultimately resulted in a crash of around 15% in a matter of hours.

The double-digit decline caused $90 million worth of long positions to be wiped out entirely, suggesting a massive long squeeze.

At the end of it all and following the intraday recovery, XRP is currently trading at around $3.16, resulting in a total loss of approximately 5% on the day.

Ripple CEO Flashes Critical Warning

Amidst the ongoing volatility, Ripple’s CEO, Brad Garlinghouse, seized the opportunity to warn XRP investors about a growing number of scammers impersonating the team with various offers.

Like clockwork, with success and market rallies, scammers ramp up their attacks on the crypto community — PLEASE BEWARE of the latest scam targeting the XRP family on YouTube and impersonating Ripple’s official account! We will keep reporting these – please do the same.

There are numerous ways in which scammers attempt to extract value from their victims, but in general, it involves some offer that sounds too good to be true.

As a rule of thumb, official teams behind legitimate crypto projects will rarely reach out to you or conduct a spontaneous airdrop or any promotions outside of their official channels without any prior notice. Keep this in mind and always make sure to verify the source of information, and remember – if it’s too good to be true, it’s either not too good or it’s simply not true.

Massive XRPL Achievement Unlocked

Last but not least for this recap, the XRPL – Ripple’s blockchain powered by XRP – saw its wallet count reach 7.2 million, which showed the strongest user growth since late 2024.

Data from CryptoQuant revealed that there has been a steady growth in wallet creation since the middle of last year.

This increase tends to reflect stronger user participation, as well as rising interest in the network. But there’s more to the story. Even though the total count of new wallets is growing, its pace is slowing down, suggesting lower market entry. While not necessarily immediately concerning, this could be indicative of a weakening upward momentum.