Ripple (XRP) Crashes Nearly 11% As Futures Reach Record $31B Trading Volume

The price of Ripple XRP/USD crashed by nearly 11% after registering record futures trading volumes.

What Happened: According to CoinMarketCap, XRP fell from its 24-hour high of $1.865 to $1.663.

The movement can be seen as a healthy correction given the coin recently saw 28% or even 39% gains within one single day.

The movement was accompanied by record XRP futures trading volumes, approaching $33 billion and a major wave of liquidations, according to Coinalyze data.

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XRP's price movement can also be attributed to an overall cooling in the crypto asset market following yesterday's Coinbase COIN Nasdaq listing.

Worldwide investors gave unprecedented attention to the space as many showed great enthusiasm, pushing the share price over $328, with analysts predicting a value of $600.

Now that the enthusiasm brought by the event cooled off, most of the crypto market is seeing losses over the last couple of hours.