Popular XRP community figure Chad Steingraber emphasized that history has just been made, describing the latest XRP liquidation event as an XRP Black Swan.
October 10 will go down as one of the most unforgettable days in crypto history — a day marked by one of the strongest liquidation waves the market has ever witnessed.
Global financial markets, including cryptocurrencies, suffered a dramatic plunge after U.S. President Donald Trump announced plans to impose an additional 100% tariff on goods imported from China.
The announcement immediately rekindled fears of a renewed trade war, triggering a massive sell-off in equities, commodities, and crypto assets. Notably, the total crypto market capitalization tumbled below the $4 trillion mark, settling around $3.70 trillion, as widespread liquidations wiped out billions in value.
XRP Loses $1.27 of Its Value in Hours
XRP, which has demonstrated resilience over the past few days, was not spared. The token, which had been trading steadily around the $2.80 range over the past few days, suffered a steep decline. Amid the broader market turmoil, it plunged below $2 for the first time in months.
Notably, XRP experienced a dramatic price swing during the market turmoil. From trading around $2.80 at 03:00 p.m. (UTC) on October 10, the token plummeted to a low of $1.53 a few hours later, marking a sharp loss of $1.27.
However, it quickly showcased its trademark resilience. Following the steep drop, the asset rebounded above $2, eventually closing at $2.35 by the end of the day.
Crypto Market Sees Biggest Liquidation in History
The extreme volatility that swept through the broader crypto market delivered a crushing blow to leveraged traders. Yesterday, within just 12 hours, an estimated $19.14 billion in long and short positions were liquidated, marking what CoinGlass referred to as the largest liquidation event in crypto history.
Long positions bore the brunt of the havoc, suffering losses of approximately $16.71 billion, while short positions accounted for about $2.43 billion during the same period.
As of now, total liquidations over the past 24 hours have risen slightly to $19.31 billion, with longs contributing $16.81 billion and shorts adding $2.49 billion in losses.
‘XRP Black Swan’
Meanwhile, XRP leveraged traders were not spared from the market-wide bloodbath. Popular community analyst Chad Steingraber highlighted this massive liquidation event, calling it a ‘Black Swan’ moment for XRP.
According to the analyst, XRP saw its largest long liquidation in history, with losses hitting $422.1 million at the time of the X post.
At press time, data from CoinGlass shows that approximately $707 million in XRP positions were liquidated over the past 24 hours. Notably, short positions accounted for roughly $91.96 million in losses. Long traders took the heaviest hit, with losses now rising to around $615.46 million, marking the largest liquidation event in XRP’s history.
As of press time, XRP was trading at $2.41, reflecting a 14.47% decline over the past 24 hours and extending its weekly losses to 20.3%.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.