Wednesday, June 19, 2024
HomeCryptocurrencyXRP Price Abruptly Surged To $5,791 On Binance. Pundits Speculate On Likely...

XRP Price Abruptly Surged To $5,791 On Binance. Pundits Speculate On Likely Cause

The XRP community recently noticed a surprising price anomaly on Binance, the largest crypto exchange by trading volume. This peculiar event saw XRP’s price skyrocket to values that defied logic, with figures ranging from $579 to an astonishing $5,800.

Edo Farina (@edward_farina), a prominent figure in the XRP community, discovered this glitch and shared it on X. Farina recorded a short video clip showcasing Binance’s official website displaying XRP at an astonishing $5,791.

This inexplicable valuation of XRP was displayed alongside Bitcoin, Ethereum, and Binance Coin (BNB), all of which maintained their typical prices. What’s truly intriguing is that, during Farina’s video, XRP’s price shifted dramatically, bouncing back and forth between $579 and $5,791.

The crypto community members quickly took to various platforms to share their experiences with the glitch. Gee Viana, a software engineer from Brazil, shared a screenshot of the anomaly that suggested XRP was trading at a jaw-dropping $5,805. Similar reports poured in from crypto enthusiasts in France, the Netherlands, and the United States.

However, this glitch did not appear everywhere. Pro_Street_Art (@ModyMarc) shared a screenshot showing XRP at its regular price of $0.5795, saying, “Not here in North America.” Casa Grande (@abcdpeter) also shared a screenshot showing the regular price from an unspecified country in Europe.

Breaking Down the Binance XRP Glitch

Speculating on a possible cause, XRP Underdog (@XRP4U2) proposed that this glitch could be a result of a “data refresh/decimal error.” To support his view, he added, “The price was in the .579 range most of the day today. The number is not $579 either it says it’s $5,791.”

This viewpoint gains credence when you consider that XRP had been trading at around $0.579 for the majority of the last 24 hours. All the images also show the same approximate 3.8% increase over 24 hours, which does not accurately represent a jump to $5,791.

A similar glitch occurred on Gemini Exchange in August, where XRP spiked to $50. It is also essential to note that none of the individuals who observed this glitch reported executing transactions or capitalizing on these unusual prices.

<

Since the incident, XRP has experienced a small surge and is trading at $0.6061, up 8.41% in 24 hours. It is unlikely that there’s a hidden conspiracy behind this because an expert recently explained why XRP and similar decentralized crypto assets cannot be price set.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
RELATED ARTICLES

Latest News & Articles