Ripple (XRP) price crashed on the Bitrue exchange, albeit momentarily. This sudden drop observed by users resulted in the liquidation of many long positions.
XRP price, leading exchange Bitrue’s futures perpetual market briefly dropped as low as $0.0001. Despite a rapid recovery after the drop, many long positions held by users on the exchange were effectively liquidated.
The drop took place today and was shared by Bill Morgan, an Australian-based pro-XRP lawyer. Morgan’s statement came shortly after several affected Bitrue customers took to Twitter to voice their grievances.
Morgan’s tweet shows XRP falling to $0.001, but data from multiple user screenshots reveals that the drop was as low as $0.0001 today before the asset rallied again. According to customers on the exchange, no buy orders at $0.0001 were fulfilled, so the glitch did not allow users to take advantage of the crash.
According to some users, this price drop is just a technical problem, but some believe it is intentional. In the statement made on the subject, the stock market accepted the technical problem and worked for a solution. announced.
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
Bitrue is one of the most used exchanges by investors due to the XRPL ecosystem and its close relationship with Ripple. Bitrue has positioned the asset as the central trading asset by 2020.
You can follow the current price action here.
Source : The Crypto Basic