As a report has it, the value of XRP, the 6th largest cryptocurrency by market cap, against USD suddenly saw a sharp descent to zero on Poloniex exchange a couple of hours ago, raising concerns within the crypto community, especially among XRP enthusiasts.
The strange incident happened on the 10th of July and it has been attributed to an unusual malfunction on the Poloniex exchange.
Read Also: Poloniex Deletes 85,566 XRP Wallets, Opens New Wallet With 1.5 Million XRP Recovered: Details
Going by the XRP/USD weekly chart recently shared on Twitter by the closely followed analyst Egrag Crypto, XRP price dropped from its trading level to $0. Howbeit, the crypto asset swiftly returned to its expected price level.
#poloniex 👀 pic.twitter.com/QV3h2HqpOG
— EGRAG CRYPTO (@egragcrypto) July 11, 2023
As expected, the occurrence generated reactions within the crypto community. As some termed it as an ordinary glitch that usually happens, others described it as an unfortunate incident that should have been prevented.
It’s a thing of surprise that the price trend glitch only affected XRP against the USD trading pair on the Poloniex exchange. A proper check revealed that the price of XRP was unaffected on other top exchanges.
Read Also: As XRP Burn Rate Doubles Over 30 Days, Analyst Says $100 XRP Price Is Certain
Not the First Occurrence
In April 2023, a similar occurrence was witnessed by the XRP enthusiasts for the XRP/USDT perpetual futures pair on Bitrue, an XRP-focused crypto exchange based in Singapore. At the time, XRP dipped to $0.0001, which resulted in the liquidation of all long positions.
Despite the crash of the XRP/USD pair on Poloniex, XRP trades above $0.45 on other pairs on the same exchange recorded huge traded volumes.
At the time of press, XRP is trading at $0.474, with a relatively 1% price increase based on 24-hour estimation.
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