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.