An abrupt sell burst hit XRP and the broader market. A single large sell wave around mid session lined up with a market wide leverage flush that exceeded one billion dollars. Prices recovered part of the drop into the close, but the event left clear marks on depth and positioning. (Event coverage and tallies are summarized in External Sources at the end.)
What happened in five lines
A concentrated sell spike near four hundred thirty seven million dollars hit XRP within a short window.
Market wide liquidations crossed one billion dollars, mostly on the long side.
Price fell roughly seven percent at the lows before late buying trimmed the loss.
Order books thinned during the shock and refilled gradually into the close.
Derivatives funding and open interest adjusted lower, reducing immediate squeeze risk.
Fast timeline
Pre event: spot and perp books show tight spreads and rising long share.
00:00 to 00:15 UTC window: sell spike prints and triggers forced unwinds.
Next hour: liquidation cascade accelerates across majors and beta alts.
Late session: large holders absorb, price coils above a nearby support pocket.
Following day: open interest and funding normalize at lower levels.
Sell burst vs prior hour (rough scale)
Prior hour ███
Event window ██████████████████████████ ~ $437M
Next hour ███████
Liquidations 24h (directional)
Longs wiped █████████████████
Shorts wiped ███
Total > $1B across majors
Depth and slippage (qualitative)
Before ███████████ thicker bids
During shock ███ thin bids
After ███████ partial refill
Why it moved the way it did
A clustered sell wave that touches multiple venues can push price through local liquidity pockets. Once that wall breaks, auto deleveraging and stop orders add to the move. When open interest gets trimmed and funding cools, the market often stabilizes because there is less leverage left to unwind on the next headline.
For allocators who track how flows change pricing, compare this short shock to days when steady creations support liquidity in fund vehicles. Our recent read on record Ethereum ETF inflows explains how predictable primary flow improves execution quality for large tickets on busy days.
https://www.thecryptotides.com/ethereum-etfs-roar-blackrock-leads-640m-inflows-as-trading-volumes-hit-records/
For builders and market structure readers, faster and more deterministic settlement windows can reduce adverse selection during stress. See our analysis of Solana’s Alpenglow governance push and why latency matters for matching and risk.
https://www.thecryptotides.com/solana-alpenglow-enters-governance-what-150ms-finality-could-mean-for-validators-and-apps/
Levels and microstructure notes
Watch the area just above the first rebound base. If bids keep refilling there, it acts as a staging zone rather than a slippery spot.
Keep an eye on funding and basis. After flushes, neutral to slightly negative readings often mean less fuel for a second wave.
Spot to perp share matters. If spot leads the next bounce and perps follow, the move tends to be cleaner.
Risks into the next sessions
Another macro headline that tightens dollar liquidity could restart unwinds.
If order book depth remains thin in off hours, gap risk is higher.
If funding flips positive too quickly, a second shakeout is possible.
Bottom line
The combination of a concentrated sell burst and a leverage washout produced a sharp, quick drop that eased by the close. Positioning is cleaner now, but resilience depends on depth refilling and macro staying quiet.
