For a short time, users of the Singaporean exchange Bitrue reported that the price of Ripple XRP was trading at close to $0.
According to some users’ feedback, the XRP price fell to $0 for a short while. This happened on the Singaporean exchange Bitrue, with XRP/USDT as the relevant pair.
Ripple XRP Margin Traders Label Bitrue a Scam
Although the error was quickly rectified, it was enough to cause misunderstanding and anger among some users. Futures traders reported that their open positions on this trading pair were closed because of the error.
Disgruntled users were quick to label the Bitrue exchange a scam, demanding a full refund of what was lost on trades in the process. Screenshots have appeared on Twitter telling dramatic stories.
XRP never traded below $0.46 on other platforms during this uncertain period.
Bitrue Exchange Breaks Silence
While the subject of the XRP price at $0 stirred Twitter, the exchange also took to the social network to comment on the problem.
First, Bitrue confirmed the incident and blamed the price swing on a “technical glitch” affecting XRP/USDT order prices and quantities. It further stated it would refund margin amounts.
For users who have been liquidated, all losses will be nullified and their margin amount will be refunded to their accounts.
On the day, the XRP price is down 3.1%. This decline followed a significant capital flight from the crypto market yesterday evening. After trading above $0.48 for the entire day, Ripple’s token is now trading at $0.44.
Moral of the story: no, a $0 XRP is not at fault for the price drop.
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Source: https://beincrypto.com/ripple-xrp-price-drop-surprises-traders/