XRP Price Suddenly Collapses to $0.14 on BitMEX Exchange

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Thu, 02/13/2020 - 15:11
Alex Dovbnya
The XRP price took a massive plunge to the $0.14 level on the BitMEX exchange. Now, enraged traders demand answers
Cover image via 123rf.com
Contents

The price of XRP, the third biggest cryptocurrency, has recently collapsed to just $0.14 on Seychelles-based cryptocurrency exchange BitMEX. 

image by @krugermacro

The XRP price is currently trading at $0.32, its highest level since July, across all spot exchanges.      

Related
XRP Price Could Reach $0.60 After Ending Two-Year Downtrend

Getting BitMEXed

BitMEX uses fair price marking to avoid unnecessary liquidations that may occur when a certain coin is subjected to market manipulations. However, in a rage-filled tweet, one user claims that he has lost all of his funds after the brutal red candle that appears to be a system glitch. 

Such a black swan event took place just one week after the leading crypto derivatives exchange launched its XRP/USD perpetual swap product. As reported by U.Today, it went live on Feb. 5.    

Related
XRP Price Should Be 30% Higher as Major Altcoins Are Breaking Out: Analyst Luke Martin

Arthur Hayes in hot water   

While indignant traders are demanding answers, the exchange and its controversial CEO Arthur Hayes are yet to bring some clarity to the table.

Notably, Hayes tweeted about "CRippling" XRP shorts on the same day the token's price suddenly dropped to $0.14. 

This is not the first time that he showed his contempt for XRP. Earlier this February, he tweeted that the fact that it was still trading above zero was the only thing that mattered.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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