Ripple (XRP) price explodes over 5,000% to hit new ATH, but it’s not what you think

TL;DR

A technical glitch on Coinbase temporarily showed Ripple’s XRP price rising above $22.50, although the actual price remained around $0.56-0.57. Similar issues have occurred before on other exchanges, showing the coin’s valuation skyrocketing to $74.50 on Atlantis Exchange and nearly $250 on Crypto.com.

The last failure

Ripple’s XRP price has recently stabilized around $0.56-$0.57, showing negligible volatility in the past week. Several X users, however, noted that the token rose above $22.50 on August 18. The price explosion was allegedly seen on crypto exchange Coinbase, but it turned out to be a short-lived glitch.

JUST IN: Coinbase Error Causes $XRP to go up to $22.54!

What would you do if XRP reached this price? pic.twitter.com/2ueMHcUeDl

— Levi | Crypto Crusaders (@LeviRietveld) August 18, 2024

A crash in crypto exchanges refers to a technical error or platform malfunction that shows incorrect price rises or falls and could disrupt normal trading activities.

In sporadic cases, it may expose the trading center involved to security risks such as unauthorized access or data breaches. However, there are no indications or announcements that Coinbase has experienced these issues.

Previous cases

This isn’t the first time a bug has shown XRP’s price skyrocketing. Earlier this year, a similar malfunction occurred on the Atlantis Exchange cryptocurrency exchange, which showed assets trading at $74.50.

Interestingly, the issue occurred shortly after the aforementioned company launched trading services with Ripple’s native token.

Another technical glitch occurred in November last year. The price of XRP then exploded to nearly $250 on the Crypto.com app. In fact, however, the short-lived crash coincided with the valuation of Binance Coin (BNB), which was trading at that level at the time and had a nearly identical market cap to XRP.

Today, the situation is very different. XRP is the seventh largest cryptocurrency with a market cap of around $31.7 billion, while BNB is the fourth largest with almost $78 billion.

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