XRP Crashes 56% as $700 Million in Longs Liquidated: What Happened Next

• XRP crashed from $2.83 to $1.25 as over $700 million in positions were liquidated.
• This marks the largest single-day wipeout in the token’s history.
• Despite the chaos, some analysts predict it could still close the week as its most bullish candle ever.

The crypto market witnessed one of its most brutal days in history, with over $19 billion in trading positions liquidated within 24 hours. The shock triggered a massive sell-off across global markets, wiping $1.65 trillion from U.S. stocks.

XRP was among the hardest hit, plunging 56% from $2.83 to $1.25 in just hours before staging a swift rebound. The event marked XRP’s steepest single-day decline in years and cemented October 10 as one of the most volatile trading days in crypto history.

‘XRP Black Swan’ as Record Liquidations Hit $700 Million

Community analyst Chad Steingraber described the event as an “XRP Black Swan,” noting it was the largest liquidation wave the token has ever experienced. 

According to CoinGlass data, $707 million in XRP positions were liquidated. Over $615 million in long positions were wiped out as traders were caught off guard by the sudden collapse.

Despite the panic, XRP quickly recovered from the low of $1.25 to trade around $2.40, showcasing what many call its “trademark resilience.” 

Long-time holders viewed the rebound as a signal that large buyers stepped in to absorb the panic selling.

Peter Brandt Claims Win as Target Hits, Community Pushes Back

Veteran trader Peter Brandt, who previously predicted a drop to $2.22, announced he had taken profits after XRP’s sharp correction. “Target reached. Profits taken,” he posted on X, drawing mixed reactions from the XRP community.

Critics argue Brandt’s success was more luck than technical precision, pointing out that his projected confirmation never materialized before the macro-driven crash occurred. The community emphasized that Trump’s tariff announcement, not technical breakdowns, drove the sudden liquidation.

Expert Sees Most Bullish Weekly Candle Forming

Even as some analysts turned bearish, investor Patrick Riley projected an entirely different outcome. He believes XRP could be on track to post its most bullish weekly candle ever if it closes above $3.115 by Sunday.

From a low of $1.25, XRP has already doubled in price, suggesting one of its strongest recoveries in 2025. While the weekly percentage gain may appear modest at around 5%, the rebound from near-collapse levels reinforces Riley’s view that XRP’s recovery momentum remains intact.

XRP Falls to Fifth, But Long-Term Strength Holds

Following the sell-off, XRP slipped to fifth place by market capitalization, now valued at $147.5 billion, behind BNB’s $157.7 billion. Despite the setback, XRP ended Q3 with its highest quarterly close in history at $2.846, representing a 27% gain from Q2.

Historically, XRP performs best in the fourth quarter, averaging 140% gains, with standout rallies of 240% in 2024 and 1,064% in 2017. Analysts say an XRP spot ETF remains the most anticipated catalyst for another rally, though U.S. political uncertainty could delay any decision from regulators.

What’s Next for XRP?

The dramatic 56% crash and record liquidations have split opinions on XRP’s near-term direction. Bulls see the event as a “reset” before the next leg up. 

For now, XRP trades around $2.46, down nearly 12% in 24 hours but the week’s close could determine whether this “Black Swan” becomes the foundation for the next major rally. Among the immediate targets many are looking out for is for XRP to reclaim the $3 mark.