Bitstamp XRP Price Plunges 37% Amid Market-Wide Leverage Purge

XRP experienced a significant price drop on Bitstamp on August 22-23, plummeting by 37.15% in just one minute to $1.06689 from its high of $1.69739.

This brief, deep move is known as a wick, and it's not representative of the wider market.

Other exchanges like Kraken and OKX showed much smaller 24-hour ranges, with XRP/USD prices ranging from $1.70 to $1.3359 on Kraken and $1.70 to $1.3757 on OKX.

By around 01:50 UTC on August 23, major spot markets had converged near $1.49-$1.50, indicating that the price drop was largely isolated to Bitstamp.