XRP Price Plummets to Zero on Popular Crypto Exchange

Ripple's native token's price trading against the US dollar plummeted to zero on July 10 on the popular crypto exchange, Poloniex, causing concerns for traders.This is not the first time the Ripple community is witnessing the token's price dip to an unbelievably low value.

Moreover, Poloniex is the only crypto exchange that recorded this massive dip in XRP's price, as other notable exchanges show the price of XRP isn't what it is on Poloniex.

XRP's Price Dip, Why?

The world's sixth-largest crypto token by market cap, XRP, nose-dived massively yesterday on the Poloniex centralized crypto exchange. Though it appears to be a system glitch on the crypto exchange giant, the record has caused panic among its supporters.

The Ripple price plunged to $0 on the Justin Sun-backed crypto exchange. This was shown in the XRP/USD Tradingview weekly chart. Moreover, the virtual currency's dollar value returned to $0.47 at the end of the day.

On other notable crypto trading platforms, the price action point for XRP/USD was $0.468, as its peak value for the day was $0.48.

It's worth noting that this $0 price action for XRP/USD only occurred on the Poloniex exchange, as other exchanges recorded values of over $0.45 for the same XRP/USD, even including Binance, Huobi Global, and the Gemini exchange.

Interestingly, the Ripple community witnessed a similar situation for the Ripple/USDT perpetual futures pair earlier in April.

This occurred on the Singapore-based crypto exchange Bitrue when the XRP dropped to $0.0001 in the exchange's perpetual market on April 26, which liquidated all long trade positions. Bitrue Exchange also claimed this was due to a technical glitch.

Regardless of XRP's previous USD crash on the Poloniex exchange, Ripple traded above the $0.45 price action point on other pairs on the exchange, registering massive volumes.

Currently, huge trading activity is occurring on the exchange, with more than $614,000 worth of Ripple traded in the past 24 hours, according to CoinMarketCap data.

XRP in the Crypto Market

Furthermore, other crypto exchange mammoths have recorded huge trade volumes for Ripple in the past 24 hours, with Binance and KuCoin recording the largest values for the coin.

Over $146 million worth of XRP has been traded against Tether (USDT) on Binance in the last 24 hours.Kucoin's Ripple/Tether (XRP/USDT) trade volume surpassed $24.6 million, as CoinMarketCap data revealed.

In the meantime, XRP's 24-hour trading volume in the overall market records $837,179,219 currently, indicating a 68.43% growth from the previous day's volume.

It's worth noting that, in June, Ripple ranked among the top three most traded virtual assets on the Indian-head-quartered exchange WaxirX.

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