Members of the XRP community noticed an unusual drop in XRP prices on Uphold, an American exchange, which wasn’t mirrored across the broader cryptocurrency market.
Micah, a prominent XRP advocate based in the U.S., highlighted this discrepancy in a post on X, expressing frustration over XRP’s seemingly steeper decline on Uphold compared to other platforms. A chart accompanying Micah’s tweet illustrated a 2.64% hourly loss for XRP, plummeting from $0.47558 to $0.46227.
Micah raised concerns about this discrepancy at 08:43 PM US time on Sunday. However, according to CoinMarketCap data, XRP maintained a stable price around $0.4762 during Micah’s observation period, showing no significant drop.
Interestingly, CoinMarketCap reported the lowest XRP price in the last 24 hours as $0.4716. Currently, XRP is trading above $0.48, marking a 2% increase today.
The observed price decline of XRP on Uphold, as noted by Micah, appears isolated and does not reflect broader market trends. This incident has garnered attention within the community, especially considering Uphold’s positive reputation with XRP.
Previous incidents similar to this have been reported by Uphold users. “Sage Bolts” mentioned witnessing comparable anomalies with other assets on the exchange and questioned the reasons behind these occurrences, suggesting it might be a technical glitch.
Conversely, Marsha claimed to have received notifications of an XRP price drop on Uphold and took advantage of purchasing tokens, despite observing higher prices for the asset on CoinMarketCap. However, no evidence was provided to substantiate this claim.
Another commenter speculated that such discrepancies could stem from liquidity issues, where a significant sell order on Uphold could temporarily trigger a sharp price drop. This situation is reminiscent of past scenarios, such as last August when XRP briefly traded at an unusually high price on Gemini due to thin order books at the time of listing.
Uphold holds a substantial amount of XRP reserves, surpassing even its Bitcoin holdings. Currently, Uphold holds over 2 billion XRP, valued at approximately $1.08 billion for its customers, whereas Bitcoin deposits total only $315 million.
Despite inquiries from the XRP community seeking clarification from Uphold regarding the singular price drop, the exchange has yet to respond at the time of publication.
Disclaimer: This article serves informational purposes and does not constitute financial advice. Any opinions expressed herein are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making investment decisions, as The Crypto Basic assumes no responsibility for any financial losses incurred.
