For traders of XRP on Coinbase, a particular minute on January 4 would probably be one of their happiest moments of the year, especially for those who sold at the weird period.
According to information shared on twitter by a user, Larry Swanson, XRP witnessed a ludicrous spike on that day.
Larry revealed that on Coinbase chart, the candle of XRP, a digital asset priced below $1, rallied above $7,000.
Larry, in line with a chart captioned, claimed the remittance cryptocurrency hit $7,308 on Coinbase in a 1-minute Candle.
“XRP hits $7308.00 in a 1 minute candle seen on the Daily Chart on Coinbase”.
While Bitcoin was price around that range yesterday before surging to $7,400 today, the revelation implied that XRP Candle was leveled against BTC on the Coinbase chart at that time.
XRP hits $7308.00 in a 1 minute candle seen on the Daily Chart on Coinbase.
Just another "Glitch" pic.twitter.com/hv6QYfWIC2
— Larry Swanson (@AzAscend) January 4, 2020
However, Larry stated that it was probably a bug or error that affected the cryptocurrency price, and information on the chart also affirmed that it must have been a big error. On the dashboard, as captioned by Larry, the real price of XRP at that time remained below $0.2 while the candle of the cryptocurrency was well above $7,000.
Also, the dashboard indicated that at that time, XRP had lost 0.41% from its value within a duration of 24 hours.
While the matter birthed a conversation thread on Twitter, another pseudonymous user Tittlet also mentioned that back in October there was a similar event, making the price of XRP on the candle level against BTC.
Tittlet noted that back then, when Bitcoin was priced above $8,300, XRP touched $7,341 in a 1-minute candle.
“I caught this same thing back in October. It was the BTC price”.
I caught this same thing back in October. It was the BTC price. pic.twitter.com/ag7ROuXUT4
— tlittlet (@TimLittleton6) January 5, 2020
The Bearable Bull, in his comment, said Coinbase is losing “control of price suppression.”
$7308 XRP “glitch”
Seems like they are losing control of price suppression
Not saying it’s gonna get that high
But certainly happening way too frequently for it to be nothing https://t.co/qBAzPDvAN6
— The Bearable Bull (@thebearablebull) January 5, 2020
Market Performance of XRP, Bitcoin and Other Cryptocurrencies
The uncanny event happened around the time the cryptocurrency market is trying to test recovery on the upside trend of the market, as the war between the US and Iran lingers.
After dropping below $6,900 on January 3 to record its lowest price for the year 2020, Bitcoin leveled back on the upside trend, and at press time, 1 BTC goes for $7,424.
Other cryptocurrencies in the ecosystem have also emulated the same pattern, making experts opine that the recent price surge is probably initiated by the unprecedented war.
XRP, at press time, is price $0.1944 against the US dollar with less than 1% added value over the last 24 hours.
Similarly, the market cap of the entire ecosystem is gradually moving closer to $200 billion haven gained over $10 billion in the last 2 days.