The price of Ripple (CRYPTO: XRP) 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.

XRP's price movement can also be attributed to an overall cooling in the crypto asset market following yesterday's Coinbase (NASDAQ: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.