Coinbase Glitch Sent XRP 4,000,000% Higher; What Happened?

XRP was able to incur some decent upwards momentum over the past few days, which allowed it to climb from lows of $0.185 to highs of just under $0.23. This momentum, however, paled in comparison with an anomalous surge seen by the cryptocurrency overnight on popular cryptocurrency trading platform Coinbase.

The move, which resulted from a glitch or a misplaced order, sent XRP’s price surging as high as $8,341, temporarily pushing its price on Coinbase above that of Bitcoin.

For a Brief Second, the Glitch Caused XRP To Be Vastly More Valuable Than Bitcoin

The glitch, which occurred overnight, could have been a platform bug or stemming from an individual placing a market buy order for XRP priced at $8,341.

Although the root of this movement remains unclear, it did create some buzz on crypto Twitter from individuals who witnessed the massive candle surge on Coinbase Pro’s 1-minute chart option.

Welson, a popular figure on Twitter, spoke about the move in a recent tweet while pointing to a chart showing the massive green candle caused by the anomalous movement.

“Breaking: #XRP – USD just hit $8,341 on @coinbase Exchange in 1 minute candlestick. A remarkable day of the future. XRP price went higher than #Bitcoin for few seconds,” he said while pointing to the chart seen below.

For a brief second, this move from $0.21 to $8,341 led the token to surge just under 4,000,000% in a matter of seconds, and although the movement isn’t emblematic of anything more that just a glitch or trading error that made the crypto appear see an unprecedented rally, it does raise questions surrounding what platform flaw allowed for this to occur.

Bully, a popular figure on Twitter, spoke about the move in a recent tweet, comically noting that it caused Ripple’s cofounders – for a matter of seconds – to have a paper net-worth that exceeds that of all the money in the world.

“For a brief second in time, Chris Larson, one of the cofounders of Ripple, likely had more wealth on paper than exists in the entire world. Siri, what is 5 billion times 8 thousand?” He said.

Details surrounding this event still remain foggy, and it is currently unclear as to whether or not it impacted any traders on the platform.