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XRP Price Suddenly Collapses to $0.14 on BitMEX Exchange

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Thu, 02/13/2020 - 15:11
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  • 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. 

BitMEX
image by @krugermacro

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

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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.    

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

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.

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.

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Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

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Wed, 04/01/2020 - 08:27
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  • It is the first day of the month and Ripple has released one billion XRP from its escrow wallet. The community traditionally expects a price drop after such massive dumps

Cover image via stock.adobe.com

It is the first day of another month – this means that Ripple has lavishly thrown XRP from its escrow wallet – one billion coins. Since the start of 2020, this monthly dragon-sized amount was withdrawn in two portions of 500 mln XRP each.

XRP escrow
Image via Twitter

While the XRP price is in the green zone, trading at $0.173095 on CoinMarketCap, the comments under the tweets about the XRP release signify that the community is either indifferent (having got used to these releases already) or is expecting another price drop in the short term.

In January 2018, XRP, the third-largest cryptocurrency, reached an all-time high of nearly $3. Since then, XRP has been light years away from the ATH.

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Many skeptics say that the XRP price is not going to rise even in the long term, mocking those who remain faithful, holding bags of the coin.

As earlier reported by U.Today, many in the community believe that regular XRP releases made by Ripple prevent the price from rising and reaching at least $1. In 2019, a petition was set up on Change.org by crypto influencer ‘Crypto_Bitlord’ who wanted Ripple to stop dumping XRP.

Curiously, later on, another petition appeared on the same platform, requesting Ripple to accelerate the release of XRP in order to increase the coin’s adoption, which would assumingly lead to a massive price surge.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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