Altcoins
XRP Price Surges 228% on MEXC
XRP price records a massive 228% jump to hit the $2 level on crypto exchange MEXC in what appears to be an apparent price glitch.
XRP traded broadly in the $0.60 area on global exchanges yesterday. This position follows a slight 0.92% increase seen by the altcoin on July 28, which allowed it to reclaim the $0.60 territory.
XRP Price Hits $2 on MEXC
However, amid the consolidation at $0.60, XRP observed a price glitch on the MEXC Global exchange. XRP Community Figure Captain first called public attention to the abnormal price behavior. An investigation by The Crypto Basic confirmed that the issue occurred yesterday at exactly 07:21 UTC.
During this period, the price of XRP immediately shot up from the normal trading level of $0.6087 to a high of $2. This marked a 228% increase in a minute. However, the $2 price was not sustainable, with XRP eventually crashing to lower levels.
Interesting way, XRP Price XRP continued to trade above its normal trading level for another three minutes. After the $2 drop, XRP on MEXC continued to fluctuate between $0.61 and $0.63. Meanwhile, the global trading price on other cryptocurrency exchanges remained stable around $0.60.
The anomaly persisted until 07:25 UTC, when the price returned to normal. Our investigation indicated that this pricing issue only occurred in the spot market, with the perpetual futures market not affected. Therefore, the sudden price spike did not impact short positions in the XRP perpetual market on MEXC.
Let us recall that a a similar pricing problem occurred on the Bitrue exchange last April, when XRP crashed to $0.0001. However, as the Bitrue incident impacted the perpetual futures market, traders saw massive liquidations of their long positions.
What happened?
The cause of the MEXC incident remains unknown at the time of reporting. Some figures in the XRP community have sharp Blame it on low liquidity. However, data from CoinMarketCap confirms that the MEXC XRP/USDT pair has a 24-hour volume of $12.3 million with a liquidity score of 537. The pair also has a liquidity depth of +2% of $675,000, indicating sufficient liquidity.
So far, MEXC has not issued a press release on the matter. Additionally, its media team did not respond to our request for a statement as of press time. This report will be updated in light of any updates to reflect their response.
XRP has been at the forefront of price issues lately, with the community often attributing the anomalies to something “deeper.” happened on the Gemini crypto exchangewhen XRP surged 7,836% to $50 last August. This event was due to low liquidity, as Gemini had just listed XRP.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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