XRP slides on risk-off after tariff shock, heavy liquidations

XRP plunged in a volatile weekend market after a shock macro announcement, triggering massive liquidations and a steep intraday fall before partial recovery, market data and analysts said. The token crashed on October 10 as global risk appetite turned sharply negative, with prices dipping to multi-dollar lows on some venues and later stabilizing around the mid‑$2 range.

The selloff accelerated after President Donald Trump announced a 100 percent tariff on Chinese imports, a move that prompted broad risk‑off flows across equity and crypto markets. The tariff news coincided with a cascade of derivatives liquidations that pushed XRP from roughly $2.70 into a deep flash crash within minutes. Exchange order books showed liquidity evaporated during the move, producing extreme intraday wicks that varied by venue. Aggregated trading data recorded an intraday low in the low‑$1s on some platforms, while prices on major venues recovered toward $2.30–$2.60 within hours.

Derivatives markets bore the brunt of the unwind. Futures open interest contracted by roughly $150 million as long positions were forcibly closed and long liquidations far outpaced shorts, traders said. Volumes surged more...