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.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.