XRP Plunges to Zero on Poloniex In Shocking Twist

Key Points:

• The XRP/USDT pair on Poloniex suddenly crashed to near zero before rebounding to $0.474.
• The crash occurred on July 10, with the reason for the plunge remaining unknown.
• Poloniex Customer Support hinted at maintenance for the network on July 10, but it is unknown if this had any bearing on the sudden plunge.

The XRP/USDT pair on the Poloniex crypto exchange saw a sudden and drastic plunge to nearly zero.

The pair rebounded shortly after and is currently trading at $0.4742. While the exact reason for the plunge is unknown, it is believed to be a glitch, as the pair recovered swiftly. However, this event has left many wondering about the stability of the exchange and its systems.

Poloniex Customer Support hinted at network maintenance on the same day of the event. The maintenance began at 7:00 a.m. UTC and lasted around two hours, during which the site was offline and trading was suspended. The markets were later reopened for trading, but it is unclear if the maintenance had any bearing on the sudden plunge of the XRP/USDT pair on Poloniex.

This is not the first time XRP has experienced such an event. In April, the XRP/USDT perpetual trading pair flash crashed to zero on the Bitrue crypto exchange. While these events may be isolated incidents, they raise questions about the overall stability of the crypto market and the exchanges that facilitate trading.

What caused the Poloniex incident, and whether the exchange will take any measures to prevent similar events from occurring in the future. As crypto trading continues to gain popularity and more investors enter the market, it is crucial that exchanges uphold the highest standards of reliability and security.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.