XRP plunged 37.15% on Bitstamp’s XRP/USD spot pair on Saturday, Aug. 22, dropping from a one-minute high of $1.69739 at 05:03 UTC to $1.06689 in the 05:10 candle. The candle closed at $1.44837, recovering most of the move before the minute ended. The brief reversal is known as a wick and did not represent XRP’s market-wide return. Kraken recorded a rolling 24-hour range of $1.70 to $1.3359, or 21.4%, while OKX’s XRP/USDT ticker ranged from $1.70 to $1.3757, or 19.1%. By roughly 01:50 UTC on Aug. 23, CryptoSlate data showed 10 major spot markets clustered around $1.49 to $1.50. A separate market-wide liquidation wave was also real: CoinGlass data cited by a KuCoin relay at 05:32 UTC showed $523 million in crypto liquidations over one hour, including $448 million of longs and $74.76 million of shorts. The figures did not establish that $500 million of XRP long positions disappeared within minutes. Rolling 24-hour liquidation totals varied from $1.801 billion in an early relay to $1.35 billion cited by BeInCrypto and $1.244 billion reported by TechFlow at 15:23 UTC; TechFlow separately estimated XRP’s 24-hour liquidations at about $123 million. CoinGlass showed $3.66 billion in XRP open interest at 01:50 UTC on Aug. 23, alongside $18.08 billion in 24-hour futures volume and $5.10 billion in spot volume. The data indicate a documented Bitstamp wick, a genuine long-led market-wide liquidation wave and substantial derivatives exposure that remained after the move.