Ripple’s XRP token momentarily plummeted to $0.001 on the Bitrue cryptocurrency exchange today. The sudden decrease in value has caught the attention of many in the industry.
The unexpected decline of XRP has resulted in all traders and investors on the Ripple network experiencing an abrupt liquidation of their investments.
This sudden fluctuation in value has raised questions about the cause of the drop. Some speculate that it was due to a technical glitch, while others suggest it could be a problem with the exchange itself.
Bill Morgan has claimed this false wick on XRP futures. He asserts that this false wick caused a significant drop in the price of XRP futures in futures trading, resulting in the liquidation of XRP long positions. It’s important to note that this occurred even though the actual market price of XRP did not fall below $0.46.
Paul R Yoder, an investor in the Ripple community, took to Twitter to express his dissatisfaction with the Bitrue exchange’s recent move involving XRP. Yoder’s tweet reads, “What the heck Bitrue?? XRP plummets to 0.001 and immediately rebounds, liquidating everyone. It looks like a glitch or a problem on your exchange! I think you owe us an explanation!!”
Yoder is one of several users in the Ripple community who have raised concerns about the sudden drop in XRP’s value on the Bitrue exchange, followed by a rapid rebound.
In the last 24 hours, the XRP token has been trading bullish, with the price recording an increase of 3.87% and exchanging hands at $0.4737.
