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.

What Triggered the $500 Million Liquidation Wave

A liquidation occurs when an exchange forcibly closes a leveraged position because a trader can no longer cover potential losses, often triggering rapid, cascading price moves. That mechanism drove Saturday’s collapse.

XRP plunged 37%, a drop of roughly $0.60, while Bitcoin fell 2.5%, Ethereum dropped…