XRP Price Anomaly Soars to $0.90 on Bittrex Amidst Trading Shutdown
The XRP price on Bittrex has experienced an astounding surge, reaching a peak of $0.90, as a result of a price anomaly triggered by the crypto exchange’s decision to halt all trading operations.
Over the past 24 hours, XRP has encountered a 5.7% decline, with its current price standing at $0.6289. Despite slipping below the $0.90 range in July, Bittrex’s charts indicate a remarkable resurgence back to that threshold.
According to TradingView data, the XRP/USDT chart on Bittrex displayed significant intraday spikes from Tuesday, December 5th, to Friday, December 8th.
Notably, on Tuesday, the XRP price surged by 43.59%, followed by a 55.55% increase on Wednesday, and an astonishing 124.95% jump on Friday. Interestingly, Thursday seemed to be missing from the chart, drawing attention to this anomaly.
Consequently, these surges propelled the price of XRP from $0.6266 on December 5th to an approximate high of $0.90 by the end of the week.
However, it is crucial to recognize that this price position does not accurately reflect the actual market conditions. In reality, XRP has only gained 1.2% since December 5th and is currently facing substantial declines, similar to the broader crypto market.
The recent price spikes witnessed on Bittrex are attributed to a glitch brought about by the exchange’s decision to wind down its operations.
Last month, Crypto Basic reported that Bittrex Global had disclosed plans to suspend all trading activities and shut down operations on December 4th. This decision came shortly after the exchange’s legal battle with the U.S. SEC.
XRP has a history of experiencing various instances of price anomalies over the past few months, as speculated by members of the XRP community.
One of these instances occurred on the U.S.-based exchange Gemini, where XRP surged to an astonishing $50 due to a thin order book following its listing on the platform.
In October, XRP encountered another glitch, soaring to a high of $34,603 on CoinMarketCap. Notably, at that time, Bitcoin’s price replaced XRP’s price on the price-tracking platform. Additionally, XRP rose to $5,805 on Binance during another episode in October.
However, not all price glitches resulted in surges. In mid-October, Bitstamp had to temporarily suspend XRP trading on its platform due to a strange price crash, where XRP dropped from $0.50 to $0.4587, leaving users perplexed.
Nonetheless, the recent situation on Bittrex is not solely an XRP price glitch. It is primarily caused by the winding down of trading activities on the exchange. Other assets, including Bitcoin, also exhibit different prices from their actual market values.