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HomeCrypto NewsMarketXRP Crashes to $0.0001 on Bitrue, Liquidating Long Positions

XRP Crashes to $0.0001 on Bitrue, Liquidating Long Positions


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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.

XRP falling to  alt=
XRP falling to $00001

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.


However, findings suggest that the exchange has responded to aggrieved customers individually through their emails.


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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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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