In an unexpected move, the price of $XRP crashed to $0.0001 after experiencing a drastic decline on Bitrue, a prominent Singapore-based cryptocurrency exchange. The drop saw $XRP briefly become nearly worthless on the exchange’s perpetual futures market, before seeing a swift recovery.
This dramatic event resulted in the liquidation of most XRP long positions held by traders on the platform. News of the flash crash quickly spread on the microblogging platform Twitter, where various users pointed out their positions were liquidated by it, and that the precipitous price decline wasn’t addressed by the exchange.
Various users have shared screenshots of XRP’s price chart during the crash while noting they were affected by the incident.
Customers on the exchange reported that no buy orders were executed at the $0.0001 price point, which prevented opportunistic traders from capitalizing on the apparent glitch. As speculation swirls around the cause of the event, some customers have labeled it a mere technical glitch, while others claim that it was a deliberate act.
The absence of an official statement from Bitrue at the time of reporting has only served to fuel these divergent theories. While there hasn’t been an official statement on the incident from the exchange, it appears some customers have been in contact with it via its support system.
Bitrue, which was founded in 2018, has quickly become a favorite among members of the XRP community because of the high degree of enthusiasm, support, and transparency shown by its management towards XRP.
One interesting fact about Bitrue is that it supported XRP as a base currency on the day that its trading platform was launched (19 July 2018).
As CryptoGlobe reported its Chief Strategy Officer Robert Quartly-Janeiro, has commented on the firm’s partnership with Ripple, the largest $XRP player in the industry, and on the token’s future.
The CSO noted that although there were some setbacks, Ripple is still thriving and the $XRP token is still one the largest cryptocurrencies by market capitalization. Ripple and Bitrue partnered in 2018 and have since been “engaging in numerous collaborations and partnerships.”
He added that despite the lawsuit “Bitrue continues to maintain an equivocal stance towards tokens, which means that we don’t dabble in the external affairs of projects but rather remain focused on creating an ideal exchange ecosystem.”
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