The sharp liquidation event that took place on October 10, 2025, was less about price swings and more about a diagnostic test that exposed systemic risks linked to the deep structural fragmentation of the crypto market across centralised, decentralised and fragmented collateral systems.

Liquidity of $XRP on Binance has dropped to its lowest levels in recent years — this could become one of the key factors for price instability in the near future. According to analysts, the 30-day liquidity index for $XRP has decreased to approximately 0.062, one of the lowest levels in a long period. At the same time, the turnover dropped to $4.46 billion, indicating a noticeable decline in trading activity.