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The XRP price went down to zero on the Poloniex exchange for a brief moment before rebounding to the current level.
The token’s drop on the world’s 23rd biggest cryptocurrency exchange, according to Coinranking.com, could have been a minor momentary glitch as Ripple has experienced the same before on Bitrue, a Singaporean cryptocurrency exchange.
XRP Drops to Zero on Poloniex
The incident happened at 8pm on Tuesday. The trading view chart shows the token hitting as low as $0.0002 before rebounding quickly.
At press time, XRP is trading around the $0.4746 mark, far above the momentary and drastic low it dropped to yesterday. And according to Coinmarketcap, XRP has dropped by a minor 0.42% in the last 24 hours.
However, around the time that XRP dropped, its value had been touching the $0.45 mark on major cryptocurrency exchanges, including the world’s biggest exchange, Binance.
That said, the drop was only for a couple of seconds, which is why there has not been any news or reactions about it on Twitter. Furthermore, according to Crypto Basic, it has not been the first time XRP hit a low due to a glitch.
The token’s value also suffered the same when it crashed to $0.0001 on Bitrue’s perpetual market. It was attributed to a glitch back then, which is likely the case here as well, even though Poloniex hasn’t come out with any justification for the event.
However, it could be due to the planned maintenance that Poloniex had planned earlier. There is a possibility that the minor glitch might be due to the after-effects of the said maintenance. But it is still speculation at this point.
🚧 Planned Maintenance 🚧
We began planned maintenance at 07:00 UTC. We expect the maintenance to take around 2 hours. During this time, the site will be offline and trading will be suspended.
— Poloniex Customer Support (@PoloSupport) July 10, 2023
XRP Price Analysis – XRP is Trending Sideways
The world’s sixth-biggest crypto by market capitalization has been trending sideways over the past five days. The biggest drop it experienced recently was on July 4, when it fell by 7.29%.
The token quickly relaunched, and at press time, it is currently trading around the $0.4741 mark, according to CoinMarketcap.
The crypto community’s reaction to this token has been lukewarm. The current RSI puts XRP right in the middle. And the MACD histogram is below zero, signaling a bearish sentiment.
However, XRP still remains one of the favorite assets among investors. In addition to Bitboy Crypto calling himself the supreme leader of the XRP Army, other crypto influencers such as Brett Hill have informed the user that he is still holding and buying more XRP.
$XRP is currently at $0.47/£0.37
Who is still holding and loading up?
🚀🌕 #XRP
— Brett Hill (@Brett_Crypto_X) July 11, 2023
To this, some investors replied that they had been stacking up XRP tokens for two years.
Yup, been stacking XRP for over 2 years now and not stopping anytime soon.😁😃
— Station C4 (@StationC4) July 11, 2023
XRP Price Prediction – Short Term
The current price trends show a negative sentiment around XRP. That could have been partly due to Ripple vs. SEC delay. However, XRP attorney John Deaton has assured altcoins holders that the delay is common.
But the token’s performance from the technical standpoint hasn’t been reassuring. There are no significant patterns forming that signal a breakout. And to reach $0.58, XRP’s 2023 high, the token has to find support at $0.5560, which is 18% higher than the token’s current level.
In light of the current volatility, investors would be better off focusing their energy on crypto presales. Among them is Thug Life, a memecoin with robust Snoop Dogg imagery. Visit thuglifetoken.com to learn more about this project.
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