XRP suffered a sharp reversal after climbing to $1.65 on September 23, falling 8.18% over 24 hours and reaching $1.45 early Thursday. The move produced $31.48 million in XRP liquidations, including $29.54 million in long positions and $1.94 million in shorts, creating a 1,522% imbalance. Across the crypto market, $610 million in positions were liquidated over the same period. XRP had advanced from $1.24 on September 16, posting gains on six of the following eight days and forming its first daily golden cross (a bullish moving-average signal) of the year. The reversal came as investors took profits after a broad rally, while Treasury yields reached multi-decade highs and traders priced in more than a 75% chance of another Federal Reserve rate increase at its October meeting. New York Federal Reserve President John Williams said Thursday in London that it would be "reasonable" to expect another hike by year-end. Santiment said XRP's 365-day MVRV (market-value-to-realized-value measure) was around -11.75%, indicating that long-term holders remained underwater. Lower MVRV readings generally imply fewer profitable holders able to sell, and the source notes that buying during such periods has historically produced stronger long-term setups if demand improves.