Recent activity on the Atlantis exchange has raised questions within the XRP community. The exchange, which claims regulatory oversight from the U.S. Treasury Department, listed XRP in March 2024. However, XRP’s trading price on Atlantis has deviated significantly from its market value on established exchanges.
The ISO GOAT (@@XrpKing09531420), a member of the XRP community, identified the anomaly, noticing that the digital was trading for a price far exceeding its global average. The price initially appeared at $113, pegged against a stablecoin (USDB) with a 1:1 ratio to the U.S. dollar.
This right here is interesting
1 XRP is 113 USDB
1 USDB =1 USD
Hmmm. Anyone know or heard anything ? pic.twitter.com/pZDtP5zkip
— The ISO GOAT (@XrpKing09531420) March 19, 2024
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Shortly after, Late n Lost (@fiikster), another XRP community member, spotted the anomaly with XRP trading at $80. These figures represent staggering increases from XRP’s current price of $0.5862. XRP has also dropped over 7% in the past 24 hours, moving in the opposite direction of these lofty prices.
The exchange’s total market cap for XRP at this inflated price would surpass the entire cryptocurrency market valuation. This significant discrepancy casts doubt on the legitimacy of these trading figures and the possibility of acquiring XRP at such prices.
Atlantis Exchange Raises Questions
This is not the first time XRP’s price has been wrong on an exchange, as it was listed at $247 on a prominent exchange in November 2023. However, its unusual price discrepancy on Atlantis is not isolated.
Other cryptocurrencies listed on Atlantis, including Shiba Inu (SHIB) and Bitcoin (BTC), also exhibit similar disparities. SHIB trades at $0.0028, a markup of over 11,400% of its actual value. Likewise, Bitcoin is listed at $166,000.
While these inflated prices might appear enticing for arbitrage opportunities, experts strongly advise against such actions. The limited trading volume on Atlantis raises serious concerns about successfully converting acquired assets back into stablecoins. Furthermore, the exchange’s legitimacy is questionable.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
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Questionable Exchange Legitimacy
Despite claiming registration with the U.S. Treasury Department and the United Nations, there is no verifiable evidence to support these assertions and no mainstream reports substantiate these claims. The exchange’s domain was registered in July 2021 raising further questions based on its age.
Several XRP community members have expressed concerns about Atlantis’s withdrawal process. Some users have described the exchange as a scam because they were unable to withdraw their deposited funds, with some having issues with their login credentials after deposits. The lack of transparency surrounding these issues adds to the overall sense of unease.
The unexplained price discrepancies for XRP and other cryptocurrencies on the Atlantis exchange highlight the importance of exercising caution when dealing with lesser-known platforms. Although legitimate exchanges can also have price discrepancies occasionally, users have to invest carefully and only use services they trust.
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