On the evening of October 10 2025 President Trump threatened a 100% tariff on Chinese imports, and crypto suffered the largest liquidation event on record — over $19 billion of leveraged positions forcibly closed in about a day, most of it within an hour. XRP fell from about $2.80 to a low near $1.18 before recovering to close down 15%.
This is a brutal session because order books thinned out as the cascade hit: prices gapped through levels, stops filled far from where they were set, and the low lasted only minutes before a sharp rebound that punished anyone who sold at the bottom.
Same engine, same hidden right-hand side — a different day's problem.