New Delhi(CoinChapter): In a surprising turn of events, the price of XRP, the sixth-largest cryptocurrency by market valuation, plummeted to $0 on Poloniex, a crypto exchange backed by Justin Sun of Tron (TRX) fame.
On July 10, TradingView data revealed a sudden and drastic decline of the XRP/USDT trading pair on Poloniex, almost reaching zero before experiencing a partial recovery. The pair eventually stabilized around $0.47.
While the exact cause behind this sharp decline remains unknown, speculation points to potential disruptions during maintenance activities on the Poloniex exchange.
Poloniex Customer Support announced on Twitter, “We started scheduled maintenance on July 10 at 07:00 UTC. We expect the maintenance to take approximately 2 hours. During this time, the site will be offline, and trading will be suspended.”
Despite the estimated timeline, the impact of the network maintenance on the sudden drop of the XRP/USDT pair on Poloniex is yet to be determined.
Interestingly, the XRP community witnessed a similar incident on the Singapore-based Bitrue exchange in April. During that time, the XRP/USDT futures pair also experienced a considerable decline, dropping to $0.0001. Bitrue attributed the incident to a system failure.
As of the time of writing, XRP is trading at $0.4735, indicating a slight recovery from the earlier dip.
XRP’s Market Performance
Poloniex is not the sole exchange witnessing significant trade volumes for XRP within 24 hours. Binance and Kucoin have consistently reported even higher trade volumes for the sixth-largest cryptocurrency by market capitalization.
The value of XRP traded against USDT on Binance in the past 24 hours exceeds $146 million. CoinMarketCap reveals that Kucoin’s XRP/USDT trade volume has surpassed $24.6 million.
Moreover, the overall crypto market’s 24-hour trading volume for XRP is over $837 million, marking a 68.43% increase compared to July 10. It is worth noting that XRP was among the top three most traded crypto assets on WaxirX, an Indian-based digital assets exchange, as reported by The Crypto Basic in June.
While the community eagerly awaits a favorable summary judgment in the Ripple vs. SEC lawsuit, there has been a decline of over 5% and 2% in XRP’s price over the past 30 days and seven days, respectively, amidst the growing interest in the leading cryptocurrency.
