Quick overview

Live XRP/USD Chart

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XRP fell 56% from $2.8 to $1.3 hours before making a quick comeback. The incident on October 10 made it one of the most volatile trading days in cryptocurrency history, causing the altcoin to drop the most in a single day in years.

Over $19 billion in trading positions were liquidated in a single day, marking one of the most brutal days in cryptocurrency market history. The shock triggered a massive sell-off in global markets, costing US stocks $1.65 trillion.

XRP has fallen to the crucial support level of $2.4, which is vital for the bulls to defend. If the XRP/USDT pair breaks and closes below $2.5, a descending channel pattern will complete, potentially accelerating selling and driving XRP’s price down to $2.33 and then $2.2.

Buyers will need to push and hold the price above the downtrend line. Since it traps aggressive bears and triggers a short squeeze, the failure of a bearish pattern is considered a bullish signal.

CoinGlass data reports that XRP positions totaling $707 million were liquidated, with over $615 million in long positions wiped out as traders were caught off guard. Despite panic selling, XRP quickly recovered from a low of $1.25 to around $2.4.

Long-term holders viewed this rebound as a sign that large buyers had stepped in to absorb the selling pressure. After XRP’s dramatic correction, seasoned trader Peter Brandt, who had previously predicted a decline to $2.22, announced he had taken profits.

“The goal was accomplished,” he wrote, “Profits taken,” on X, prompting varied responses from the XRP community.

Critics argue that Brandt’s prediction never materialized before the macro-driven crash and that his success was more a matter of luck than skill. The community emphasized that it was Trump’s tariff announcement, not technical issues, that caused the abrupt settlement