The sudden drop in XRP value, as observed by Bitrue users, resulted in the liquidation of most long positions in the asset today.
The price of XRP briefly plummeted to $0.0001 on the futures perpetual market of Bitrue, a leading Singapore-based exchange. Despite a quick recovery from the drop, most XRP long positions held by users on the exchange were effectively liquidated.
The drop occurred today and was called to public attention by Bill Morgan, an Australian-based pro-XRP attorney, and crypto enthusiast. Morgan’s disclosure came up shortly after several affected Bitrue customers took to Twitter to voice complaints.
Morgan’s tweet says XRP dropped to $0.001, but data from numerous user screenshots reveal that the drop went as low as $0.0001 today before the asset climbed back up. According to customers on the exchange, no buy orders were honored at $0.0001, so the glitch did not allow users to exploit the crash.
While some customers have described the issue as a glitch, numerous others allege that it was deliberate. These speculations have prevailed in the absence of an official press release from Bitrue at the time of reporting. Hours after the issue occurred, the exchange has not addressed the matter publicly.
The alarming thing is that it is bad enough it happened but after almost an hour there has been no comment from @BitrueOfficial. It is unfortunate because many XRP holders use this site and it lists tokens of a lot of XRPL projects https://t.co/KzgvlN3czx
— bill morgan (@Belisarius2020) April 26, 2023
However, findings suggest that the exchange has responded to aggrieved customers individually through their emails.
They’re responding .. that’s good. pic.twitter.com/BBScDhyDys
— Rocketfella DeMoon (@MalMakerman) April 26, 2023
Bitrue is one of the most used exchanges by XRP investors due to its friendly relationship with the XRPL ecosystem and Ripple. Bitrue positioned XRP as its central trading asset as far back as 2020, and the exchange has listed most of the mainstream tokens on the XRP Ledger.
This issue comes barely two weeks after Bitrue suffered a major hack that resulted in the loss of over $22 million in several assets, including Shiba Inu, Ether, and Polygon. Bitrue assured customers of full compensation. However, it remains to be seen if the exchange will compensate customers for the recent XRP price glitch.
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