XRP Plummets 10%+ in Brutal Flash Crash – $90M Longs Liquidated in Ripple’s Wild Ride

Ripple’s XRP just got caught in crypto’s meat grinder – a double-digit nosedive vaporized nine figures worth of bullish bets overnight.

The bloodbath: Traders watched helplessly as leveraged positions got obliterated, proving once again that the crypto market eats overconfident bulls for breakfast. That ‘safe’ trade? Not so much.

Silver lining? For degens who live for volatility, this is just another Tuesday. The real question – will institutions still pretend to care about ‘price stability’ after these fireworks?

What goes up, must come down, right? This narrative proved correct for Ripple’s cross-border token, which was in an ‘up only’ mode for over a week. Recall that the asset broke out of its consolidation range ($2.2-$2.3) where it spent a month or so last week and shot up above $3 in days.

The bulls kept the pressure on and, after more than seven years, XRP made history by breaking above its January 2018 all-time high of $3.4, and it set a new record at over $3.65. Thus, the cryptocurrency had gained more than 50% in a week or so, and its market cap flew past the $200 billion mark.

What followed were a few days of sideways trading between the previous and the latest ATHs. However, the bears took control in the past 12 hours or so, pushing XRP south hard.

In a matter of hours, the third-largest cryptocurrency plummeted from almost $3.6 to under $3.05, losing roughly 15% of its value. Although it has recovered some ground since then, it’s still down by over 11% daily.

This sudden but painful drop has resulted in a lot of pain for over-leveraged traders who were long on XRP. Data from CoinGlass shows that XRP longs were liquidated for over $93 million on a daily scale, which is second only to ETH and above BTC’s $70 million.