The XRP market recently endured an unprecedented event, as the digital asset experienced its largest single-day liquidation in history. This significant shake-up saw hundreds of millions of dollars in long positions wiped out, prompting concerns among traders and raising questions about the market's immediate future.
Historic Liquidation Shakes XRP Market
On October 11th, the XRP market was hit by an extraordinary wave of liquidations, totaling over $610 million in long positions across prominent exchanges such as Binance, OKX, and Bybit. This massive and sudden downturn, which some traders ominously labeled a "Black Swan" event, blindsided many leverage-heavy investors. The sharp price drop triggered a cascade of margin calls and forced stop-loss liquidations, marking the most substantial single-day liquidation event ever recorded for XRP.
Signs of Stabilization Amidst Lingering Volatility
Following the dramatic crash, the XRP market is beginning to show early signs of resilience and potential stabilization. While short-term price action remains volatile and cautious, key indicators like Open Interest and Funding Rates are reportedly evening out. Intriguingly, some platforms, including Hyperliquid and Bybit, quickly observed renewed long-term interest, suggesting that a segment of traders is already betting on a swift recovery for XRP despite the recent turmoil.
