Yesterday, XRP predominantly traded around the $0.60 mark on global exchanges. This stable position came after a modest 0.92% rise on July 28, enabling the altcoin to reclaim the $0.60 territory.
XRP Price Surges to $2 on MEXC
Despite the general stability at $0.60, XRP experienced a price anomaly on the MEXC Global exchange. XRP Captain, a notable community figure, first alerted the public to this irregular price movement. Upon investigation, it was confirmed that the glitch occurred precisely at 07:21 UTC yesterday.
During this brief period, the price of XRP skyrocketed from $0.6087 to an astonishing $2, representing a 228% increase within a single minute. However, this peak was short-lived, as the price eventually plummeted. Intriguingly, XRP maintained a higher-than-normal trading level for the next three minutes. Following the drop from $2, XRP fluctuated between $0.61 and $0.63 on MEXC, while prices on other exchanges remained stable around $0.60.
JUST IN 🚨🚨 #XRP Price Just Hits 2$ On MEXC Platform & Got Rejected. Something Is Brewing 👀 pic.twitter.com/fRKjJpYQZI
— XRP CAPTAIN (@UniverseTwenty) July 29, 2024
The anomaly persisted until 07:25 UTC, when prices normalized. Our investigation revealed that this glitch was confined to the spot market, leaving the perpetual futures market unaffected. Consequently, the abrupt price spike did not impact short positions on the XRP perpetual market on MEXC.
A similar price glitch occurred on the Bitrue exchange last April, when XRP crashed to $0.0001. Unlike the MEXC incident, the Bitrue glitch affected the perpetual futures market, leading to mass liquidations of traders’ long positions.
What Happened?
The cause of the MEXC glitch remains unknown at the time of reporting. Some XRP community members speculate that low liquidity might be the reason. However, CoinMarketCap data shows that the MEXC XRP/USDT pair has a 24-hour volume of $12.3 million and a liquidity score of 537. The pair also features a +2% liquidity depth of $675K, suggesting sufficient liquidity.
MEXC has not issued a press release on the matter, and their media team has not responded to our request for a statement as of press time. This report will be updated with any new information.
XRP has been prone to price glitches recently, with the community often suggesting underlying issues. One notable incident occurred on the Gemini crypto exchange last August, when XRP surged 7,836% to $50 due to low liquidity following its initial listing on the platform.
