XRP price suffered a brutal 37% flash crash on Saturday, August 22, as roughly $500 million in leveraged long positions were liquidated across the crypto market within minutes. The move came just days after XRP had rallied more than 60% over the past week, leaving traders dangerously overexposed.

The event highlights the inherent volatility in cryptocurrency markets, especially following periods of rapid price appreciation where leveraged positions can amplify losses during sudden corrections. The flash crash resulted in widespread liquidations, impacting many who had anticipated continued upward momentum for XRP.