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XRP Flash Crashes to Zero on Poloniex in Shocking Twist: Details

Tue, 07/11/2023 - 10:48
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Tomiwabold Olajide
XRP/USDT suddenly plunged to lows of nearly $0.0002
XRP Flash Crashes to Zero on Poloniex in Shocking Twist: Details
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The XRP/USDT pair suddenly crashed to near zero on the Poloniex crypto exchange in the late hours of July 10.

As seen on the TradingView chart, at about 8:00 p.m. yesterday, XRP/USDT suddenly plunged to lows of nearly $0.0002 before swiftly rebounding to where it trades currently.

The XRP/USDT pair on Poloniex currently goes for $0.474 after rebounding from drastic lows. According to CoinMarketCap data, XRP was up 1.62% in the last 24 hours to $0.472.

XRP/USD Daily Chart, Courtesy: TradingView

The exact reason for the plunge remains unknown, but it seems to most likely have been a glitch as the XRP/USDT pair on Poloniex swiftly rebounded after a drastic plunge.

On Twitter, Poloniex Customer Support hinted at maintenance for the network on July 10.

The planned maintenance, according to the team, began at 7:00 a.m. UTC yesterday morning and took around two hours. It was announced that the site would be offline and trading would be suspended during the upgrade.

Hours later, Poloniex announced that the maintenance had been concluded and its markets were now reopened for trading. It is unknown if the network maintenance has any bearing on the sudden plunge of the XRP/USDT pair on Poloniex.
Poloniex had yet to officially give any update on the event at press time.

In April, XRP witnessed a similar event on the Bitrue crypto exchange as the XRP/USDT perpetual trading pair suddenly flash crashed to zero.

XRP Suddenly Plunges to $0 on Bitrue Exchange, Here's What Happened

Bitrue linked the incident to a system glitch that caused some XRP/USDT orders to be placed with the wrong pricing and quantities. It unveiled corrective steps by reversing positions and nullifying losses for affected users.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.