24 Nov 2020 Marsha Tusk
Ripple`s Price Explodes To $0.92 But Crashes By 30% After Coinbase Goes Down
The third-largest cryptocurrency to date, Ripple, made а rollercoaster ride in terms of price, as trading XRP on Coinbase exploded to $0.92, then declined by 30% to trade at $0.610705 as of press time. Nevertheless, the price fluctuations skyrocketed XRP’s price by over 25%.
The rollercoaster turn of events for XRP started early on November 24, when prices per XRP token on Coinbase made a spike to $0.92. In contrast, Binance and Bitstamp only recorded a spike of $0.79, so experts believe that users activity sparked the price peak. Shortly after what seemed like a “pump and dump” price situation, users started talking on social media that Coinbase is suffering from connectivity problems.
Despite that Coinbase’s status page didn’t report any problems during the time of the spike, data from Downdetector shows that problems with the servers began emerging early morning on November 24, reaching 1537 reports in just 15 minutes. Social media activity suggests that a lot of users lost a substantial amount of money during the crash.
“WHAT CRAP — new to coinbase — and all my XRP trades went into limbo then finally showed up only AFTER the bottom fell out — causing me to lose a ton of money!!!” novice Coinbase user Mike Palagi commented on Downdetector’s Coinbase monitoring page.
Source: DownDetector
However, XRP’s rally may be a result of another reason, rather than Coinbase’s services crashing. Back in late October, $50 million worth of XRP at the time were sent to Bitstamp by an anonymous whale. The move caused XRP to see a 137% price increase in just two weeks. Despite the current rally, XRP is still 78% away from its all-time high in January 2018.
Meanwhile, the altcoin sector is also on an upwards push, as Ethereum reached a price point of $600, after conquering the $500 mark just three days ago. As of press time, the price per ETH token is just above the $600 level, trading at $602.39.
Other altcoins are also on the rise, as Bitcoin Cash (BCH) went into double-digit territory with an almost 17% price increase in the past 24 hours and a price of $348.04. Stellar Lumens (XLM) is up almost 50% to clock in at $0.165162 per XLM token. DASH added a quarter over its price from November 23 to trade at $114.86 per token.
Bitcoin is also advancing, as the crypto leader is up 3,37% from November 23, with a price point of $19,122.13.
Bitcoin Ethereum Coinbase Bitcoin Cash Cryptocurrency Binance Crypto Market Ripple Stellar crypto Bitstamp crypto market monitoring Dash XRP trading pump and dump cryptocurrencies
