An unexpected event took place last night on the XRP front, which is in the sixth place by market value.
The price of XRP dropped to $0 late on July 10 on Tron (TRX) founder Justin Sun-backed cryptocurrency exchange Poloniex.
As seen by TradingView, the XRP/USDT trading pair suddenly dropped to near zero on Poloniex on July 10.
The XRP/USDT pair recovered on Poloniex after the steep decline and returned to the $0.47 levels.
While the reason for this sharp decline is still unknown, it is thought to be due to the disruption during maintenance on the Poloniex exchange.
Because Poloniex Customer Support shared on Twitter, “We started scheduled maintenance on July 10 at 07:00 UTC. We expect the maintenance to take approximately 2 hours. During this time, the site will be offline and trading will be suspended.” said.
🚧 Planned Maintenance 🚧
We began planned maintenance at 07:00 UTC. We expect the maintenance to take around 2 hours. During this time, the site will be offline and trading will be suspended.
— Poloniex Customer Support (@PoloSupport) July 10, 2023
It is not known whether the network maintenance that took place despite these estimates had an impact on the sudden drop of the XRP/USDT pair on Poloniex.
The XRP community experienced a similar drop in Poloniex on the Singapore-based Bitrue exchange in April. Because the XRP / USDT futures pair also fell to $ 0.0001 on the Bitrue exchange.
Bitrue attributed this drop to system failure.
XRP continues to trade at $0.4735 at the time of writing.
*Not investment advice.
