XRP crashed 37% in just minutes on Saturday, a flash crash that wiped out approximately $500 million in leveraged long positions. Over 24 hours, total crypto market liquidations reached $1.35 billion according to Coinglass, with a massive concentration on Binance. The token had just hit a peak at $1.69 after a week of gains exceeding 60%, fueled by institutional inflows and a widespread short squeeze. No macroeconomic catalyst was identified: the collapse is attributed to excessive leverage, thin weekend liquidity, and overwhelmingly one-sided positioning among traders. XRP has since recovered to around $1.50, with the rebound supporting the hypothesis of a brutal deleveraging rather than coordinated manipulation.
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