Analysis of the recent XRP price decline.

crypthub

1 day ago

Sudden XRP Price Collapse

The crypto market experienced a rapid and dramatic collapse of XRP's price, dropping nearly 70% within minutes. This "flash crash" stunned traders and sparked debate about whether it was a correction or a deliberate attack. The event saw XRP plummet from approximately $2.65 to as low as $0.78 on Binance, significantly more than Bitcoin or Ethereum’s declines.

Suspicious Market Activity

Crypto analyst Egrag Crypto suggests the crash was a targeted liquidation designed to eliminate leveraged XRP long positions. His analysis points to Binance's trading activity as particularly suspicious, noting a dramatic price drop on that exchange. Data indicates large wallet addresses linked to institutional trading desks moved significant volumes to exchanges before the price drop.

Technical Analysis and Liquidation

Egrag had previously identified downside targets for XRP, all of which were met during the crash. While those following his technical projections without leverage could survive, leveraged traders faced devastating liquidations. The analyst describes the event as a "reset," clearing out weaker positions before a potential price recovery.