- Following today’s flash crash, XRP’s leveraged market recorded over $707 million in net liquidations.
- Dogecoin price dropped over 58% during today’s crypto crash resulting in over $472 million liquidated.
- The altcoin’s correlation with Bitcoin had significantly increased thus resulting in a coordinated selloff.
The altcoin market, led by Dogecoin (DOGE) and XRP (XRP), was heavily impacted by the crypto crash experienced in the past 24 hours. Out of the $19.4 billion liquidated from the crypto market during the past 24 hours, Bitcoin (BTC) only contributed around $5.36 billion.
Crypto Market Crash on Renewed Fear of Trade War
The wider crypto industry followed major stock indexes in huge losses during the past 24 hours. The historical crypto selloff was triggered by the announcement from President Donald Trump that the United States will impose a 100% tariff on goods imported from China beginning November 1, 2025.
The crypto market turned bearish in a similar way it experienced earlier this year when President Trump announced the reciprocal tariffs.
XRP and DOGE Bleed Heavily
XRP Loses Crucial Support Level Fueled by Long-squeeze
XRP lost over half its value within hours, sliding to $1.38 after breaking below its critical $2.70 support, a zone that had held since August 2025.
According to market trader Peter Brandt, the XRP price was bound to retest the support level around $2.2 after forming a descending triangle, which is an identified bearish pattern, during the past three months.
Meanwhile, market analyst Aksel Kibar noted that the XRP price has formed a new range between $1.63 and $3.34, whereby a breakout on either side will form the next trend.
Long Squeeze Wiped Out $700 Million in XRP Positions
Leveraged traders were hit hardest. Data from CoinGlass showed XRP liquidation volume exceeding $707 million in 24 hours, with $615 million coming from long positions alone.
Out of the net liquidations for the XRP market today, more than $615 million involved long traders. As such, the net selling pressure was exaggerated leading to huge losses.
Dogecoin Plunges 58%, Then Rebounds
The notable correlation between Bitcoin and Dogecoin resulted in an almost similar price drop during the past 24 hours. In a single hourly wick, Dogecoin price dropped over 58% to retest 10 cents before rebounding to trade about $0.195 at press time.
What’s Next for Dogecoin?
Despite the heavy crypto selloff, crypto traders have been buying the dip in anticipation of a rebound similar to the price action after the 2020 crash triggered by COVID-19.
According to crypto analyst alias Cephii, Dogecoin price is well-positioned to rally exponentially ahead following the heavy liquidation of long traders.
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Source: https://coinedition.com/how-xrp-and-doge-lost-over-half-their-value-in-todays-crypto-flash-crash/
