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CDS Crypto News XRP-USDT Trading Pair Crash to the Ground on Poloniex Cryptocurrency Exchange

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XRP-USDT Trading Pair Crash to the Ground on Poloniex Cryptocurrency Exchange

The XRP-USDT trading pair was down.

lectertodd11/07/20231 Mins read838

Xrp-Usdt Trading Pair Crash To The Ground On Poloniex Cryptocurrency Exchange

On the Poloniex cryptocurrency exchange platform, the price of the XRP/USDT pair fell sharply and unexpectedly, almost to zero.

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XRP-USDT Trading Pair Crash to the Ground on Poloniex Cryptocurrency Exchange

Within a short period of time, the pair recovered and is now trading at $0.4741. It is thought that the plunge was caused by a glitch, even though the precise cause is unknown because the pair quickly rebounded. Many people, however, are now questioning the stability of the exchange and its systems in the wake of this incident.

The Platform was undergoing Maintenance when the Trading Pair Dropped

As the event was taking place, Poloniex Customer Support made a tip about network maintenance. The site was offline, and trading was halted for almost two hours starting at 7:00 a.m. UTC due to maintenance. It is unclear whether the maintenance had any impact on the unexpected decline of the XRP/USDT pair on Poloniex, even though the markets were later opened for trading.

XRP Has Been in This Situation Before

Such an occurrence has occurred before for XRP. On the Bitrue cryptocurrency exchange, the XRP/USDT permanent trading pair had a flash crash in April, dropping to zero. Despite the possibility that these are rare occurrences, they cast doubt on the stability of the crypto market as a whole as well as the exchanges that allow for trading.

Sources:coincu

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lectertodd

Lectertodd is 28 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.