Crypto traders woke up to a sea of red on Thursday after the total market shed $100 billion overnight.
XRP led the losses among the top 10 tokens, with its price plunging over 10% in 24 hours and briefly dipping below $3.
More than 315,000 traders were caught off guard, liquidating nearly $1 billion in positions, with Ethereum longs taking the biggest hit, according to CoinGlass data.
Despite giving back much of its gains, XRP is still up around 40% over the past month.
Data shows that most XRP liquidations came from long positions, suggesting overleveraged traders were betting on further upside.
Analysts see the stumble as no more than a healthy breather.
“A lot of liquidity has been taken in this short correction,” wrote MN Capital founder Michael van de Poppe on X.
He added that “corrections happen during upward trends” and he “wouldn’t be surprised if we start to attack the highs again.”
Few others see this as the end of crypto’s 2025 rally, especially with key catalysts like exchange-traded fund flows and macro data still in play.