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XRP Turns Negative After Massive Crash

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Mon, 02/01/2021 - 13:49
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Alex Dovbnya
Tokyo-based Coincheck suspended XRP selling before resuming it about 10 minutes later, but it didn't save XRP from crashing
XRP Turns Negative After Massive Crash
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XRP, the fourth-largest cryptocurrency by market cap, is currently in the middle of a monumental crash, collapsing over 43 percent to $0.412.

XRP
Image by tradingview.com

Coincheck briefly suspends the "sell" button

Coincheck, one of the largest cryptocurrency exchanges in Japan, temporarily stopped processing XRP sell orders, according to its recent Twitter announcement. The functionality was later restored by the trading platform.

The suspension came after the token gave up a substantial portion of its gains. It dropped as much as 30 percent in one hour after soaring to a multi-month high of $0.75 on Bitfinex amid what is believed to be a coordinated effort to artificially drive up the token's price by several pump groups.

Related
Cryptocurrency Criminals Responsible for $550 Mln Coincheck Hack Arrested by Japanese Police

Coincheck is primarily known within the industry for losing about $560 million worth of NEM (XEM) tokens back in early 2018. As reported by U.Today, 30 individuals related to the hack were arrested by Japanese police earlier this month.

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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.