XRP has become the focus of the crypto market after experiencing one of its sharpest intraday declines in recent memory. Prominent market commentator Chad Steingraber described the incident as an “XRP Black Swan,” pointing to the scale of losses that accompanied the broader market crash on October 10.
The global financial landscape suffered a sudden shock following an unexpected policy announcement by U.S. President Donald Trump, who declared that his administration would introduce an additional 100% tariff on goods imported from China.
The move reignited fears of a renewed trade conflict between the world’s two largest economies, sparking heavy sell‑offs across equities, commodities, and digital assets.
As panic spread, the total value of the cryptocurrency market dropped below $4 trillion, landing around $3.7 trillion. Billions of dollars in leveraged positions were liquidated within hours, leaving the market in one of its most volatile trading sessions to date.
History made with an XRP Black Swan
The biggest XRP LONG liquidation ever at nearly HALF A BILLION –> $422.103Million https://t.co/hFZhOFQj1gpic.twitter.com/AQb3YKO4xS
— Chad Steingraber (@ChadSteingraber) October 10, 2025
XRP Drops $1.27 in a Single Day
Before the sell‑off began, XRP had been trading in a relatively stable range around $2.80, showing moderate strength despite broader market uncertainty. However, the sudden wave of panic selling erased those gains. By the afternoon of October 10 (UTC), the token had fallen sharply, reaching an intraday low of $1.53, a loss of approximately $1.27 within hours.
Despite the steep fall, XRP later regained some ground as buyers stepped in to stabilize prices. The asset closed the day at $2.35, reflecting a significant recovery from its daily low but still ending the session in negative territory.
Data from CoinGlass confirmed that the turbulence triggered one of the largest liquidation events ever recorded in the crypto sector. Within a 12‑hour window, more than $19 billion worth of leveraged positions were wiped out across major exchanges.
Of this amount, long traders absorbed most of the impact, losing around $16.7 billion, while short traders accounted for roughly $2.4 billion in liquidations. Updated figures later in the day showed the total amount of liquidations rising slightly to $19.31 billion, as both long and short traders continued to face margin calls amid the persistent volatility.
‘XRP Black Swan’ Becomes a Defining Moment
According to Steingraber, XRP’s price collapse represented the largest single‑session liquidation event in the token’s history. He referred to it as an “XRP Black Swan,” emphasizing the scale and suddenness of the market reaction.
CoinGlass data supported this assessment, showing that XRP traders collectively lost $707 million over the past 24 hours. Long positions bore the majority of the losses, totaling $615.46 million, while short positions accounted for approximately $91.96 million. Analysts have noted that this is the most severe liquidation event XRP has experienced since its inception.
Currently, XRP is trading around $2.47, marking a 12.13% decline over the previous 24 hours and extending its weekly drop to 17.43%. The event underscores the growing fragility of leveraged trading in the digital asset market and highlights how swiftly sentiment can reverse in reaction to geopolitical developments.
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