XRP Plummets on Bitrue Futures: Glitch or Deliberate?
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XRP investors and traders were in for a shock on April 26th, as the price of the digital asset dropped briefly to $0.0001 on the futures perpetual market of Bitrue. Although the asset quickly recovered from the dip, most XRP long positions held by users on the exchange were effectively liquidated.
This incident has raised eyebrows among the XRP community, with some alleging that it was a deliberate move by Bitrue. While others have described it as a mere glitch, the absence of an official press release from the exchange at the time of reporting has fueled speculation.
XRP is a digital asset that operates on the XRP Ledger, created by Ripple Labs, Inc. It is the sixth-largest cryptocurrency by market capitalization, and Bitrue is one of the most used exchanges by XRP investors due to its friendly relationship with Ripple and the XRPL ecosystem.
What caused the XRP price dip?
Bill Morgan, an Australian-based pro-XRP attorney and crypto enthusiast, was among the first to bring the incident to public attention on Twitter. Morgan’s tweet claimed that XRP dropped to $0.001, but user screenshots showed that the drop went as low as $0.0001 before the asset climbed back up.
The alarming thing is that it is bad enough it happened but after almost an hour there has been no comment from @BitrueOfficial. It is unfortunate because many XRP holders use this site and it lists tokens of a lot of XRPL projects https://t.co/KzgvlN3czx
— bill morgan (@Belisarius2020) April 26, 2023
According to customers on the exchange, no buy orders were honored at $0.0001, so users were unable to exploit the crash. This suggests that the dip was a result of a technical glitch rather than a deliberate move to manipulate the XRP price.
Bitrue’s response
Bitrue has not released an official statement regarding the incident, which has left many customers feeling uneasy. However, the exchange has responded to aggrieved customers individually through their emails.
This issue comes barely two weeks after Bitrue suffered a major hack that resulted in the loss of over $22 million in several assets, including Shiba Inu, Ether, and Polygon. Bitrue has assured customers of full compensation for the hack, but it remains to be seen if the exchange will compensate customers for the recent XRP price glitch.
This incident highlights the potential risks involved in trading digital assets, especially on unregulated exchanges. While Bitrue is a reputable exchange, the recent hack and price glitch show that even the most secure platforms are not immune to technical issues.
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