In addition to the recent glitch, XRP has been subject to numerous drastic price glitches through the years. These events underscore the extreme riskiness of crypto markets and the risk of mistakes across various platforms. These events, which include everything from temporary exchange spikes to erroneous price reporting on major tracking platforms to live TV, have all implied the cryptocurrency has crossed the threshold. The anomalies emphasize the need to double check facts and use extra care when buying or selling digital assets.
Recent Price Surges and Dips
Just ahead of the July 2024 ruling, the spot price of XRP skyrocketed on the MEXC exchange. After only a minute, it injected itself with growth serum and grew by 228% to reach $2 instantly! In reality, the rest of the market was pricing XRP at a value of about $0.60 at the time. The price corrected itself within four minutes.
In April 2023, XRP’s price tanked to $0.0001 on Bitrue’s derivatives exchange, liquidating longs across the backlog in a cascade. The price bounced back dramatically following the event. The one day devastating market loss underscored the dangers of leveraged trading and the dangers posed by cascading effects during rapid price movements.
Anomalies on Tracking Platforms and Exchanges
Other data aggregation platforms, such as CoinMarketCap and TradingView, have been used to show fake XRP prices. In December 2021, both CoinMarketCap and Coinbase misreported XRP’s value as $161 million. In January 2019, TradingView’s interface incorrectly showed XRP’s price as $9,864.
These events illustrate the challenges in tracking cryptocurrency prices at all. To make things worse, an increase to $70 on a smaller platform makes this all more confusing.
Price Glitches on Live Television
In March 2024, a price glitch occurred on Real America's Voice, a U.S. news channel, showing XRP's price spiking to $21,000. The hoax event found its way to millions, showcasing how quickly and easily the wrong information can be diffused into the mainstream media landscape.
XRP first appeared on Gemini’s platform since being listed there on Aug. 10, 2023.
