XRP price fell by 56% on BitMEX, traders were furious

After an encouraging growth, Ripple's XRP token has caused many traders to "lose heart" when witnessing a major incident on the giant cryptocurrency derivatives exchange BitMEX.

XRP price has dropped 56% in one candle

XRP - the new coin that only appeared on the futures market BitMEX a few weeks ago, has made many traders angry. After a quick price move - causing the asset to drop from $ 0.32 to $ 0.14 in a single trading candle, market participants calculated losses from the trading incident.

Bitcoin analyst Jacob Canfield emphasized that the XRP incident is big impact and not a harmless mistake.

$ XRP traded from $ .34 to $ .14 in one candle on Bitmex

My mama told me that’s the devils coin and I'm starting to believe her. pic.twitter.com/RsMvavCS2o

- Jacob Canfield (@JacobCanfield) February 13, 2020

In the event, traders started claiming that the BitMEX platform was also unable to trigger their stop loss orders, which led to immediate liquidation. A move like this is unexpected with XRP, as the coin price has long been quite stagnant. A trader was very angry when he said he had lost all his money after this incident.

WTF. FUCK YOU BITMEX. This is really not okay! My stop didn´t trigger and my entire bitmex account is fucking gone. Fuck you! pic.twitter.com/WHXbJoiTvL

- Marc de Koning (@Koning_Marc) February 13, 2020

“WTF. FUCK YOU BITMEX. This is really not good! My stoploss command did not work and my entire BitMEX account was gone. Damn it. "

But with the effect of futures contracts, BitMEX is now even more risky. The exchange triggered liquidation in the case of large and fast moving prices will cause the trader's collateral to evaporate. The potential to profit from liquidation has sparked speculation that the floor intentionally triggered incidents to cause liquidation.

XRP's enthusiasm has failed to stop liquidation

The transaction and liquidation incident on BitMEX happened at a time very optimistic for the future of XRP. Many expectations of a bigger breakthrough for XRP have been set by the community. The enthusiasm for XRP even rocked the Fiatleak website:

ITE SITE ALERT 🚨 The site is wobblying and staggering under the combined weight of many, many thousands of #XRP fanatics watching a technical breakout.

We're working on it, but keep trying ... you can't break the site any more than you already are!

- fiatleak (@fiatleak) February 13, 2020

“The site is wobbling and wobbly under the combined weight of many, thousands of #XRP crazy people watching a technical breakthrough.

We are working on that, but keep trying ... you can't break the site any more! ”

The XRP market is on the rise again after months of poor performance. But the BitMEX contract could undermine the reputation of XRP and bring additional risks to one of the biggest futures markets.

XRP has seen one of the most successful days of the year, rising as high as $ 0.33 and pushing trading volume in excess of $ 6 billion in the past 24 hours. But the unstable rally and losses on BitMEX can cause traders to misunderstand about the platform, as well as sudden liquidity.

At the moment, BitMEX has not made any announcement that they will use their reserve money to compensate XRP market participants.

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