The price of XRP against the US dollar fell sharply to zero on July 10 on the Poloniex crypto exchange, eliciting concerns among proponents.
In an odd occurrence, the USD value of the sixth-largest cryptocurrency by market capitalization, XRP, plunged massively as this seems to be a glitch on the Poloniex crypto exchange.
In particular, the XRP price fell to $0 on July 10 on the Justin Sun-backed trading platform, as seen on the XRP/USD weekly chart on Tradingview. However, the asset’s dollar value quickly recovered to close the day at the $0.47 price point.
Meanwhile, the opening price for XRP against USD on the top centralized exchange was $0.468, while its highest value reached on July 10 was $0.48.
Notably, this rare price action only played out with the XRP/USD pair on the Poloniex trading platform, as findings show the XRP Ledger native token was trading above $0.45 against USD across many other top exchanges, including Binance.
The XRP community witnessed a similar occurrence for the XRP/USDT perpetual futures pair on Singapore-based exchange Bitrue in April. The Crypto Basic noted that XRP crashed to $0.0001 in Bitrue’s perpetual market on April 26, liquidating all long positions. Bitrue attributed this to a glitch.
Despite the recent USD crash on Poloniex, XRP traded above the $0.45 price point on other trading pairs on Poloniex with huge volumes recorded. As of July 11, the exchange sees more activity with the USDT trading pair, with over $614,000 worth of XRP traded in the last 24 hours, per data from CoinMarketCap.
XRP in the Market
Poloniex is not the only exchange to record hefty trade volumes for XRP within 24 hours. Binance and Kucoin have continued to record even higher 24-hour trade volumes for the sixth-largest crypto by market cap.
At press time, XRP worth over $146 million has been exchanged against USDT on Binance in the last 24 hours. Kucoin’s XRP/USDT trade volume has exceeded $24.6 million, according to CoinMarketCap.
Meanwhile, the 24-hour trading volume for XRP in the overall crypto market stands at $837,179,219 at press time, representing a 68.43% increase compared to July 10. Recall that, as reported by The Crypto Basic, XRP was among the top three most traded crypto assets on the Indian-based digital assets exchange WaxirX in June.
Amid the surging interest in the top cryptocurrency, as community members anticipate a favorable summary judgment in the Ripple vs. SEC lawsuit, XRP price has decreased by over 5% and 2% in the last 30 days and seven days, respectively.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
