Members of the XRP community claimed to have observed an unusual price fall of XRP on the American exchange Uphold, which was not reflected in the broader crypto market.
U.S.-based XRP proponent Micah brought public attention to the observation in a post on X. He lamented that XRP has been randomly showing steeper falling candles on the Uphold but not on other trading platforms. The chart accompanying the tweet showed that XRP posted a 2.64% loss on the hourly time frame, falling from $0.47558 to $0.46227.
Micah tweeted this concern at 08:43 PM US time on Sunday. However, CoinMarketCap data shows XRP remained at around $0.4762 with no consequential drop during Micah’s observation period.
Interestingly, CoinMarketCap indicated that the lowest price XRP sold for in the last 24 hours was $0.4716. As of now, XRP trades above $0.48, soaring by 2% today.
Essentially, the XRP price decline Micah spotted on Uphold does not reflect the realities of the broader market. The reported situation has attracted significant attention from community members amid Uphold’s positive history with XRP.
#XRP has been randomly dropping like this on uphold but not on any other exchanges. Weird. #Crypto pic.twitter.com/2M9Fy4wV4s
— Micah XRP (DEATON FOR SENATE) (@MicahPW20) July 1, 2024
Has It Happened Before?
X user “Sage Bolts” claimed to have repeatedly witnessed similar cases with other assets on Uphold. “Seems sketchy; I don’t know why it happens,” the commenter said. Some commentaries suggest users may be unable to acquire XRP at the dip price, suggesting it was a glitch.
Meanwhile, X user Marsha claimed otherwise, stating he received notification of an XRP price drop on Uphold and acquired some tokens after observing the asset trade higher at CoinMarketCap. However, he provided no proof of his claim.
Another commenter attributed the situation to insufficient liquidity, noting that a major sell order on an exchange could temporarily trigger the sharp price fall. A comparable scenario surfaced last August when XRP briefly traded $50 on Gemini due to dried-up order books amid the initial listing.
However, Uphold is an XRP powerhouse, boasting more XRP reserves than even Bitcoin. In particular, Uphold holds over 2 billion XRP, valued at approximately $ 1.08 billion for customers, compared to its users’ Bitcoin deposits of only $315 million.
While the XRP Army has sought input from Uphold regarding the solitary price dump, the exchange has yet to respond at press time.
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.
-Advertisement-
