Members of the XRP community noticed an unusual drop in XRP price on the American exchange Uphold, which did not align with the broader crypto market trends.
Micah, a prominent XRP supporter based in the U.S., highlighted this discrepancy in a post on X. He expressed concern over XRP showing sharper declines on Uphold compared to other platforms. According to the accompanying chart in his tweet, XRP recorded a 2.64% decrease within an hour, dropping from $0.47558 to $0.46227.
Micah tweeted about this issue at 08:43 PM US time on Sunday. However, data from CoinMarketCap indicated that XRP maintained a price of around $0.4762 during the period Micah observed, without experiencing any significant decline.
Interestingly, CoinMarketCap’s data showed that the lowest price XRP traded at in the past 24 hours was $0.4716. Currently, XRP is trading above $0.48, marking a 2% increase for the day.
The apparent drop in XRP price observed on Uphold by Micah appears to be isolated and does not reflect broader market conditions. This anomaly has garnered considerable attention from community members, particularly given Uphold’s positive relationship with XRP.
Previous incidents similar to this have been reported by X user “Sage Bolts” involving other assets on Uphold. “Seems sketchy; I don’t know why it happens,” the commenter remarked. Some speculate that users may be unable to capitalize on these price dips, hinting at a possible glitch.
In contrast, X user Marsha claimed to have received a notification of an XRP price drop on Uphold and took advantage of it by purchasing tokens, even though the asset was trading higher on CoinMarketCap. However, Marsha did not provide evidence to support this claim.
Another commenter attributed the situation to inadequate liquidity, suggesting that a large sell order on the exchange could temporarily drive down prices. A similar scenario occurred last August when XRP briefly traded at $50 on Gemini due to thin order books after its initial listing.
Despite these fluctuations, Uphold remains a significant player in the XRP market, holding over 2 billion XRP, valued at approximately $1.08 billion for customers, which surpasses their users’ Bitcoin deposits totaling $315 million.
The XRP community has sought clarification from Uphold regarding the unusual price drop, but as of now, the exchange has not responded.
Disclaimer: This article provides information and should not be construed as financial advice. Opinions expressed herein are personal and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
