The XRP price records a massive 228% jump to hit the $2 level on the MEXC crypto exchange in what appears to be an apparent price glitch.
XRP largely traded within the $0.60 across global exchanges yesterday. This position followed a mild 0.92% increase witnessed by the altcoin on July 28, which allowed it to reclaim the $0.60 territory.
XRP Price Hits $2 on MEXC
However, amid the consolidation at $0.60, XRP observed a price glitch on the MEXC Global exchange. Community figure XRP Captain first called the public’s attention to the anomalous price behavior. An investigation by The Crypto Basic confirmed that the glitch occurred yesterday at exactly 07:21 UTC.
During this period, XRP price immediately shot up from the normal trading level of $0.6087 to a high of $2. This marked a 228% increase within one minute. However, the $2 price was not sustainable, with XRP eventually collapsing to lower grounds.
Interestingly, XRP price continued to trade above the normal trading level for another three minutes. After the drop from $2, XRP on MEXC continued to fluctuate between $0.61 and $0.63. Meanwhile, the global trading price across other crypto exchanges remained stable around the $0.60 region.
The anomaly persisted until 07:25 UTC, when the price returned to the normal range. Our investigation indicated that this price glitch only occurred on the spot market, with the perpetual futures market unaffected. As a result, the sudden price jump did not impact short positions on the XRP perpetual market on MEXC.
Recall that a similar price glitch occurred on the Bitrue exchange last April, when XRP crashed to $0.0001. However, because the Bitrue incident impacted the perpetual futures market, traders witnessed mass liquidations of their long positions.
What Happened?
The cause of the MEXC incident remains unknown at the reporting time. Some XRP community figures have pointed to low liquidity as the culprit. However, CoinMarketCap data confirms that the MEXC XRP/USDT pair boasts $12.3 million in 24-hour volume with a liquidity score of 537. The pair also has a +2% liquidity depth of $675K, indicating sufficient liquidity.
So far, MEXC has not made a press release on the matter. Also, their media team has not responded to our request for a statement as of press time. This report will be updated in light of any update to reflect their response.
XRP has been at the forefront of price glitches in recent times, with the community often attributing the anomalies to something “deeper.” One such glitch occurred on the Gemini crypto exchange, when XRP skyrocketed 7,836% to $50 last August. This event was due to a low liquidity, as Gemini had just listed XRP.
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