TL;DR
- A technical glitch on Coinbase temporarily showed Ripple’s XRP price spiking to over $22.50, though the actual price remained around $0.56-$0.57.
- Similar glitches have occurred before on other exchanges, displaying the coin’s valuation skyrocketing, such as $74.50 on Atlantis Exchange and nearly $250 on Crypto.com.
The Latest Glitch
The price of Ripple’s XRP has recently plateaued at around $0.56-$0.57, showing insignificant volatility in the last week. Several X users, though, noted that the token mooned at over $22.50 on August 18. The price explosion was supposedly observed on the crypto exchange Coinbase, but it turned out to be a short-lived glitch.
JUST IN: Coinbase glitch causes $XRP to spike to $22.54!
What would you do if XRP hit that price? pic.twitter.com/2ueMHcUeDl
— Levi | Crypto Crusaders (@LeviRietveld) August 18, 2024
A glitch on crypto exchanges refers to a technical error or malfunction within the platform that shows incorrect price spikes or drops and could disrupt normal trading activities.
In sporadic cases, it can expose the involved trading venue to security risks, such as unauthorized access or data breaches. However, there are no indications or announcements that Coinbase experienced such problems.
Previous Cases
This is not the first time a glitch shows that XRP’s price has skyrocketed. Earlier this year, a similar malfunction occurred on the cryptocurrency exchange Atlantis Exchange, which displayed the asset trading at a whopping $74.50.
Interestingly, the glitch occurred shortly after the aforementioned company launched trading services with Ripple’s native token.
Another technical error happened in November last year. Back then, XRP’s price exploded to almost $250 on Crypto.com’s application. In fact, though, the short-lived glitch matched the valuation of Binance Coin (BNB), which traded at that level back then and had a market cap almost identical to that of XRP.
Currently, the situation is much different. XRP is the seventh-largest cryptocurrency with a market capitalization of around $31.7 billion, whereas BNB is fourth with almost $78 billion.
