XRP Suffers Brutal 37% Flash Crash Amid $1.35 Billion Crypto Liquidation
The crypto market experienced a brutal flash crash on August 22, with XRP's price plummeting by 37% within minutes.
Roughly $500 million in leveraged long positions were liquidated across the market, with XRP losing around $0.60 of its value.
Bitcoin fell 2.5%, Ethereum dropped 5%, and Solana slid 11.5% during the same time period.
The crash occurred just days after XRP had rallied more than 60% over the past week, leaving traders dangerously overexposed.
Crypto analyst CW attributed the drop to high leverage, thin weekend liquidity, and excessively bullish positioning.