XRP crashed 37.15% on Bitstamp on August 22, dipping to $1.06689 before recovering, while Kraken and OKX saw smaller drops of 21.4% and 19.1% respectively. A liquidation wave totaling $523 million in crypto derivatives occurred during the same period, with $448 million in long positions being wiped out. Despite this correction, XRP maintained substantial open interest at $3.66 billion, and major spot prices quickly converged around $1.49 to $1.50 after the incident.
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