XRP’s recent rally hit a major roadblock after the cryptocurrency dropped sharply on October 8, 2025, which surprised many traders. The sudden decline erased many leveraged long trades and pushed XRP out of the top three cryptocurrencies by market value.
According to Coinglass, the drop triggered a dramatic surge in liquidations. In just one hour, $8.14 million worth of XRP positions were liquidated. Most of this money, $7.96 million, came from long trades, while short trades lost only $179,430.
Over four hours, total liquidations reached $3.43 million, with long positions again making up most losses. In 12 hours, $7.25 million was wiped out, and over 24 hours, total liquidations hit $25.95 million.
Technical analyst Peter Brandt also noticed a descending triangle pattern on XRP’s price chart. “Only if it closes below $2.68743 (then I’ll be a hater), then it should drop to $2.22163.” He said. In short, if the price falls below $2.68743, it could drop further, giving traders a warning about more losses.
XRP fell below $3 after hitting an intraday high of $3.05. As of the time of writing this report, the token is trading around $2.88, according to CoinMarketCap. Its market capitalization has dropped more than 5%, which allows Binance Coin (BNB) to overtake XRP’s third-place position in the rankings.
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