zycrypto.com
The price of Ripple’s XRP suffered a flash crash on BitMEX exchange minutes ago. The third-largest cryptocurrency shed a lot of its value as it plunged to the $0.13 level in the blink of an eye. This only happened on the BitMEX exchange. But, the price quickly rebounded as quickly as it had crashed.
Meanwhile, XRP has gained strong momentum and does not seem like it will be stopping any time soon.
XRP’s Flash Crash On BitMEX
In a matter of seconds, XRP’s price weirdly shed roughly 56% of its value to trade at a mere $0.1311 on BitMEX exchange. This sudden drop was noticed by several keen crypto traders who were quick to point it out on Twitter.
$XRP Perp Futures on Bitmex dumped 56% from $0.3 to $0.1311.
— Squeeze (@cryptoSqueeze) February 13, 2020
This is absurd. Where's the protection? Borderline scam tbh#XRP pic.twitter.com/Tfw8Wwul2p
Such flash crashes are not uncommon in the crypto market. At the moment, it’s not very clear what caused the flash crash but it could have well been a trader’s mistake. However, some traders believe it could have been BitMEX’s doing. All the same, some XRP traders on BitMEX have incurred huge losses.
Notably, this comes only hours after BitMEX CEO Arthur Hayes advised his Twitter followers to short XRP. Moreover, it is not the first time he is bashing XRP. He recently referred to the digital asset as “dogshit” as his platform launched XRP perpetual contracts.
CRipple the shorts. Pro Tip: the Buy and Sell buttons are both equally profitable regardless of whether or not you are trading a turd. pic.twitter.com/dknaPauJM1
— Arthur Hayes (@CryptoHayes) February 13, 2020
Despite the flash crash, the bulls are unfazed and XRP is trading well above $0.33.
XRP Bulls Are Coming Out Of Hibernation
To say Ripple’s XRP was a sluggard in 2019 would be a huge understatement. By the end of the year, it had depreciated by around 50% while other assets like bitcoin were posting remarkable gains.
The crypto-asset is, however, showing strong signs of going back to its glory days this year. After obliterating the $0.30 resistance, the bulls have gone on a rampage and seem to be just getting started. At press time, XRP is trading at $0.333192, representing a 12.32% gain on the day. This is the highest level seen since July last year.