$XRP Glitch Sends Price Soaring to $74 on Exchange Before Plunging Back to Reality

The price of the native token of the XRP Ledger, XRP, has seen an exponential surge to trade at a stunning $74 on the Atlantis Exchange for a brief period, far exceeding the cryptocurrency’s current market value of just $0.60.

However, excitement quickly turned to disappointment as the price increase was confirmed to be a technical glitch derived from a malfunction that came just days after Atlantis Exchange launched XRP trading on its platform, touting the token’s potential.

🚨BREAKING: New #XRP glitch to $74.50 on Atlantis Exchange! 👀 pic.twitter.com/efIBFbbMVA

— JackTheRippler ©️ (@RippleXrpie) March 20, 2024

Notably, the cryptocurrency’s price wasn’t affected on other cryptocurrency trading platforms and is still trading normally everywhere else, given the technical glitch didn’t have a wider market impact.

This isn’t the first time an erroneous price display has caused a stir in the XRP community. Last year, a similar glitch on Crypto.com’s trading platform briefly indicated a price surge to nearly $250, while the token’s actual all-time high was of just over $3 seen back in 2018.

As CryptoGlobe reported, a popular pseudonymous cryptocurrency analyst Leb Crypto has recently told their followers they expected XRP to make a new all-time high “very soon,” meaning either before or right after Bitcoin’s halving event.

The Bitcoin halving is an event that occurs every 210,000 blocks – or roughly every four years – that’s programmed into Bitcoin’s code to cut in half the coinbase reward BTC miners receive per block found, as a way to cut the supply of newly produced Bitcoin entering the market.

This scarcity event has historically triggered price increases for Bitcoin, and some analysts believe it could have a ripple effect across the broader cryptocurrency market, including XRP. The analyst’s prediction hinges on Bitcoin “printing euphoric price action above $100k going into the halving.”

Featured image via Pexels.

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