XRP Price Plummets 76% in Hour, Triggers $24M Long Squeeze

XRP's price plummeted to $1.38 on Labor Day, triggering a massive wave of forced margin calls and creating a rare market anomaly.

According to CoinGlass, the asset's hourly liquidation imbalance briefly exceeded 10,535%, with the volume of forcibly closed long positions surpassing short sellers' losses by more than a hundredfold.

The rapid decline in XRP/USD from its daily high of $1.4150 set off a chain reaction of protective stop-loss orders among highly leveraged traders.

Exchanges reacted differently to the incident, with KuCoin and Gate recording net capital outflows, while MEXC and Bybit saw trading volume surge by 118.32% as traders aggressively bought the dip during the liquidation event itself.