A mysterious glitch on the United States based Kraken exchange caused XRP to be listed at an astounding price of $62,032, sparking intrigue and speculation within the cryptocurrency community.
The unusual event was first highlighted by X user Jimmy Crypto, who reported witnessing the glitch on Wednesday. He shared that the inflated XRP price persisted for about 10 minutes on the Kraken platform.
Screenshots accompanying his post showed several instances where traders appeared to place buy and sell orders for XRP at around $62,032, despite the prevailing market value of the asset being just $0.476 at that time. This incident has reignited excitement among optimistic community members who have long believed that such price glitches hint at XRP's true potential value.
These enthusiasts are hopeful that the high prices seen in the glitch might one day become a reality. They also use these incidents to bolster their claims that XRP's price is being artificially suppressed. One community member even remarked, "They can’t hide it anymore."
Interestingly, the $62,032 price anomaly did not reflect in the asset's 24-hour price change, even though the screenshot showed at least 12 buy and sell orders at this price point. Additionally, Kraken's reported market volume for XRP remained unchanged at around $4.8 million, casting doubt on the glitch's validity. This is likely because no actual orders were fulfilled at such a high price.
X user Sabr, commenting on the incident, suggested that the glitch might have resulted from a malfunction in the observer's browser, which distorted the order book data. Sabr noted that this behavior could be replicated by rapidly switching between different currency pairs.
This assessment gains credibility when considering that Bitcoin was trading around $62,000 on Wednesday, coinciding with the reported XRP glitch. Bitcoin's price movements on that day were within a similar range, which could explain the observed glitch.
This recent incident is not isolated. The XRP community has reported multiple price anomalies on various platforms in the past. For example, TradingView once displayed XRP trading at $9,864 due to a glitch. In another instance, in March, XRP’s price surged to $70 on the Atlantis Exchange platform. Additionally, in October, CoinMarketCap showed an XRP price anomaly of $34,603. While some of these anomalies can be attributed to low trading activity on certain exchanges, others are believed to be manufactured claims.
Despite these occurrences, the validity and cause of such glitches remain a topic of debate. Whether they hint at XRP's potential future value or are simply technical errors, they continue to captivate the interest of the crypto community.
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