On July 10, the cost of XRP went down considerably to nothing on the Poloniex digital money trade, inciting uneasiness amongst supporters.
An unexpected event took place when the USD worth of the 6th most valuable cryptocurrency, XRP, dropped drastically due to the increased selling activity observed on the Poloniex cryptocurrency exchange.
On July 10, the XRP/USD weekly chart on Tradingview depicted an XRP price that had plummeted to $0 on a Justin Sun-backed trading platform. Nevertheless, the asset’s value in US Dollar swiftly recuperated to finish the day at $0.47.
On July 10, the top centralized exchange recorded the opening price of XRP/USD at $0.468, peaking at $0.48.
It appears that the XRP/USD pair on the Poloniex trading platform was the only one to experience this unique price action, as research suggests that the XRP Ledger native token was trading above $0.45 against USD on other top exchanges such as Binance.
In April, a similar event happened on the XRP/USDT perpetual futures pair on the Singapore-based Bitrue exchange. The Crypto Basic reported that all long positions were eliminated when XRP plummeted to $0.0001 on Bitrue’s perpetual market on April 26. Bitrue explained that the crash was the result of a bug.
In spite of the USD’s recent plunge on Poloniex, XRP was still trading over the $0.45 mark on other sets of trading pairs with immense volumes registered. As of July 11th, the exchange had seen more activity with the USDT trading pair, with more than $614,000 of XRP being transacted in the last 24 hours, according to CoinMarketCap’s statistics.
XRP, the sixth-largest cryptocurrency by market cap, has seen notable 24-hour trade volumes on Poloniex, yet the exchanges Binance and Kucoin have logged even higher amounts.
In the past day, Binance has seen a transaction volume of more than $146 million worth of XRP swapped for USDT. CoinMarketCap reports that Kucoin’s XRP/USDT trades totaled to more than $24.6 million.
At the moment, the 24-hour trading volume for XRP in the global crypto market is at $837,179,219 according to the latest data, which is a 68.43% leap since July 10. As reported by The Crypto Basic, XRP was one of the top three most-traded crypto assets on the Indian crypto exchange WaxirX during June.
As anticipation of a favorable outcome in the Ripple vs. SEC legal dispute remains high, XRP has decreased by more than 5% in the last 30 days and 2% in the last seven days.
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