XRP drops 37% on Bitstamp in a single minute, but broader market remains stable

On Saturday, Aug. 22, Bitstamp recorded an extreme one‑minute price swing for XRP/USD, falling from a high of $1.69739 at 05:03 UTC to a low of $1.06689 at 05:10 UTC – a 37.15% drop. The candle closed at $1.44837, recouping most of the loss before the minute ended.

Other venues showed modest ranges

Kraken’s 24‑hour XRP/USD range was $1.70 to $1.3359 (21.4% swing). OKX’s XRP/USDT range was $1.70 to $1.3757 (19.1% swing). By 01:50 UTC on Aug. 23, ten major spot markets were clustered around $1.49‑$1.50, indicating convergence after the Bitstamp dip.

Market‑wide liquidation activity

A KuCoin relay at 05:32 UTC cited CoinGlass data showing $523 million in crypto liquidations over one hour, including $448 million of long positions and $74.76 million of shorts. These figures reflect overall market activity, not XRP‑specific losses.

Derivatives exposure remained high

CoinGlass reported $3.66 billion in XRP open interest at 01:50 UTC on Aug. 23, alongside $18.08 billion in 24‑hour futures volume and $5.10 billion in spot volume. Funding rates across venues were mixed, indicating no uniform market bias.

Conclusion

The 37% wick on Bitstamp was an isolated event. While a broader liquidation wave affected leveraged traders, major spot prices stayed within a tighter band and derivatives exposure stayed substantial.