XRP experienced an unexpected flash crash on the Poloniex exchange, causing the XRP/USDT pair to plummet to almost zero in the late hours of July 10. The TradingView chart displayed a sudden drop to lows of approximately $0.0002 around 8:00 p.m. yesterday, followed by a rapid recovery to its current trading level.
Currently, the XRP/USDT pair on Poloniex is valued at $0.474, rebounding from the significant downturn. CoinMarketCap data reveals that Ripple recorded a 1.62% increase in the past 24 hours, reaching $0.472.
The cause of the sudden plunge in the XRP/USDT pair on Poloniex remains unknown, but it is speculated to be a glitch given the swift rebound. Poloniex Customer Support hinted at network maintenance on July 10, which took place for approximately two hours. The exchange announced that the site would be offline and trading suspended during the upgrade. However, it is unclear whether the maintenance is connected to the sharp drop in the XRP/USDT pair. At the time of writing, Poloniex had not provided an official update on the event.
This incident on Poloniex is reminiscent of a similar flash crash that occurred on the Bitrue crypto exchange in April, where the XRP/USDT perpetual trading pair also dropped to zero. Bitrue attributed the event to a system glitch that caused some orders to be placed with incorrect pricing and quantities. The exchange took corrective measures by reversing positions and nullifying losses for affected users.