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Trader Bluntz has triggered discussion about XRP by highlighting highly unusual price action on Binance, alleging market manipulation.
The comment came after the sudden and dramatic flash crash across the crypto market on Friday night. Major assets, including Bitcoin, Ethereum, and XRP, plunged to extreme lows before rebounding just as quickly.
XRP Flash Crashes to $1.25 Before Rebounding to $2.60
According to data from Binance, XRP price plummeted from a daily high of $2.83 to a low of $1.25 in a matter of hours, a staggering 56% drop within a single day.
“Some serious crime went down a few days ago,” Bluntz posted on X, along with a screenshot of the Binance chart.
The Suspects Behind the Move
Market commentators have pointed to intentional manipulation, algorithmic trading errors, and cascading liquidations as possible causes.
Indeed, the market recorded an unprecedented level of liquidations that day, with $19 billion wiped out, $16 billion of which came from long positions.
In a tweet, market watcher Vivek Sen remarked that a large whale opened a massive short position just before the Trump announcement that triggered the crash. Notably, according to the report, the trader opened the account on the same day as the transaction and netted a profit of nearly $100 million within hours.
Responding to the tweet, John Deaton, a former U.S. Senate candidate and founder of CryptoLawUS, remarked that the case deserved investigation.
If true, this needs to be investigated. https://t.co/8HDj3Qk6ap
— John E Deaton (@JohnEDeaton1) October 11, 2025
However, others disagreed, arguing there is no provision under current CFTC laws to prosecute individuals for insider trading, since Bitcoin is classified as a commodity. Deaton maintained that the investor could still be charged with conspiracy to commit wire fraud and wire fraud itself.
Meanwhile, Binance experienced a technical glitch that caused additional losses for users. The exchange has since reimbursed affected users, with payouts exceeding $280 million.
These combined events help explain the extreme volatility witnessed in major assets on Friday night. Interestingly, tokens like SUI and Cosmos (ATOM) saw their prices plummet to near zero before recovering almost immediately.
“XRP Goes to ATH with Haste”
While XRP has stabilized above the $2.60 level for now, with Bitcoin also recovering, the market is now focusing on the resumption of the bullish rebound that began in early October.
According to trader Bluntz, XRP could blast to a new all-time high “with haste,” making the earlier dip a massive accumulation opportunity for those who took advantage of it.