cryptoslate.com
$XRP crashed 37% on Saturday, Aug. 22, but only on Bitstamp.
Bitstamp's $XRP/USD spot pair reached a one-minute high of $1.69739 at 05:03 UTC, then fell to $1.06689 in the 05:10 candle. That was a 37.15% high-to-low move. The 05:10 candle closed at $1.44837, recovering most of the plunge before the minute ended.
Such a brief, deep move is known as a wick. The cross-venue comparison shows why this one should not be treated as $XRP's market-wide return. Kraken's $XRP/USD ticker showed a rolling 24-hour high of $1.70 and low of $1.3359, a 21.4% range. OKX's $XRP/USDT ticker showed a $1.70 high and $1.3757 low, a 19.1% range.
By roughly 01:50 UTC on Aug. 23, CryptoSlate's $XRP market data showed 10 major spot markets clustered near $1.49 to $1.50. While the sample is not exhaustive and does not reconstruct each venue's recovery path, it shows that major spot prices had converged after Bitstamp's anomalous low.
The 37% figure spread across social media, indicating a $0.60 drop and a broader market dip. However, Bitstamp's candle matches the percentage, while other venue ranges show the limit of that headline.
The broad liquidation wave was real
A separate market-wide leverage flush occurred around the same period. A KuCoin relay published at 05:32 UTC cited CoinGlass data showing $523 million in crypto liquidations over one hour, including $448 million of longs and $74.76 million of shorts. That does not support the claim that $500 million of $XRP longs disappeared within minutes.
The larger figures were also market-wide rolling totals, not $XRP losses. The early relay reported $1.801 billion over 24 hours. BeInCrypto later cited $1.35 billion, while a TechFlow report published at 15:23 UTC cited $1.244 billion and separately put $XRP's 24-hour liquidations near $123 million. Their differing publication and capture times changed what each rolling window contained.
Substantial $XRP derivatives exposure remained after the drop. CoinGlass showed $3.66 billion in open interest at 01:50 UTC on Aug. 23, with $18.08 billion in 24-hour futures volume against $5.10 billion in spot volume. A funding table updated at 12:00 UTC on Aug. 22 was sharply divided across venues rather than uniformly neutral.
Without matched open-interest and funding readings before, during and after the move, the size of any leverage reset cannot be measured cleanly. Bitstamp carried the documented 37% wick, the wider crypto market suffered a real long-led liquidation wave, and sampled major $XRP spot prices later converged while substantial derivatives exposure remained.