The XRP army recently raised concerns about a potential glitch in the Uphold exchange. Users reported observing a significant price drop for XRP that wasn’t reflected on other major trading platforms.
The issue came to light after Micah (@MicahPW20), an XRP community member from the U.S., shared pictures of the XRP price drop in the U.S.-based crypto exchange. Micah noted that the price drop is unique to Uphold. He attached a screenshot from another exchange showing XRP’s real price.
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The chart showed a 2.64% decline in XRP’s price on the hourly chart. This drop, from $0.47558 to $0.46227, contrasted sharply with the stability observed on other exchanges, where XRP remained around $0.4762.
CoinMarketCap data shows that XRP has not dropped below $0.47 since June 27. At press time, XRP traded at $0.4772, showing a 0.71% increase over the past 24 hours and a 1.13% increase over the past week, raising further questions about the glitch on Uphold’s exchange.
Examining Potential Causes
This discrepancy has confused the XRP community, particularly given Uphold’s reputation for being XRP-friendly and the partnership between Uphold and Ripple, which began in late 2023.
The reported price drop on Uphold could be attributed to a few factors. One possibility is a temporary liquidity issue. A large sell order on Uphold with limited buy orders to match it could cause a temporary price dip until the market stabilizes.
Some in the community suggested this liquidity problem as a potential cause. However, the exchange reportedly holds a significant amount of XRP for its users, exceeding even Bitcoin reserves.
A similar situation occurred in August 2023 when XRP briefly spiked to $50 on the Gemini exchange. This anomaly was attributed to a lack of liquidity during the initial listing phase, highlighting how limited order books can create misleading price movements. However, Uphold’s substantial XRP reserves seemingly contradict the low-liquidity explanation.
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Another possibility raised by some community members is a platform-specific glitch. One user reported encountering similar discrepancies with other assets on Uphold. Another user stated that they had bought XRP at a reduced price on Uphold in the past, making this glitch different from the common XRP price glitches that only affect the display price.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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