A mysterious XRP price glitch has reportedly occurred on the U.S.-based exchange Kraken, showing a massive trading price of $62,032.
X user Jimmy Crypto first called attention to the occurrence in a post on Wednesday. He noted he had witnessed the glitchy XRP price unfold for 10 minutes on the Kraken exchange.
The accompanying screenshot indicated multiple instances where traders on Kraken purportedly placed buy and sell orders for XRP at around $62,032. Meanwhile, the prevailing value for the asset on the platform was $0.476.
#XRPARMY #GOODMORNINGCRYPTO LONG GLITCH WHATCHED IT THERE FOR 10 MIN!!!! IS IT FINALLY HAPPENING ???? pic.twitter.com/W1ylF8VDkv
— Jimmy Crypto (@mcewan_jam91712) June 26, 2024
This latest development has reignited excitement among optimistic community members, particularly those who have long argued that recurring price glitches for XRP reflect its true value.
These enthusiasts hope that the high prices seen in the glitch will one day become a reality. Besides, they leveraged the incidents to support their claim that XRP’s price is being artificially suppressed. “They can’t hide it anymore,” a community member remarked.
Scrutinizing the Claims
Notably, the mysterious $62,032 price failed to reflect in the asset’s 24-hour price change despite occurring on at least 12 buy and sell orders, as shown in the screenshot.
Additionally, Kraken did not post any unusual market volume for XRP, with trading volume remaining around $4.8 million. This discrepancy casts doubt on the validity of the reported glitch. This is likely due to the fact that no order was fulfilled at such price.
X user Sabr, who commented on the event, suggested that the issue may be due to the observer’s browser malfunctioning and distorting the order book data. Sabr also noted that it is possible to replicate this behavior by rapidly switching between currency pairs.
This assessment gains credibility, considering that Bitcoin traded around $62,000 on Wednesday when Jimmy reported observing the glitch on Kraken. Bitcoin opened at $61,789.68 on June 26, reached an intraday high of $62,434.14, and closed at $60,811.28.
Notably, this recent incident is not an isolated event. The XRP community has reported numerous price anomalies on various trading platforms in the past.
Other Reported XRP Price Glitch
The XRP Army recently resurfaced a historical price glitch on TradingView, where the platform incorrectly displayed XRP trading at $9,864. Similarly, in March, the crypto community witnessed an XRP price surge to $70 on the Atlantis Exchange platform.
Additionally, community members reported an XRP price anomaly of $34,603 on CoinMarketCap last October. While some of these anomalies occurred due to low trading activity on some exchanges, some claims have been manufactured.
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