XRP Explodes 100% to $0.92 on Coinbase Amid Intense Illiquidity

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It appears we’re in the part of the crypto bull run where prices diverge dramatically on top exchanges. XRP has seen intense price volatility over the past 24 hours as the <a class="wpg-linkify wpg-tooltip" title="

Altcoin

Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.

» Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin market starts to heat up after a 70% Bitcoin rally.

XRP currently trades for $0.69, up approximately 40% in the past 24 hours. Though, just a handful of minutes ago, the <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

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” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin traded as high as $0.92 on Coinbase, which meant that the <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin was up 100% on the day.

While XRP rallying 100% isn’t the weirdest thing in the world as it has happened before, what was confusing was that XRP had diverged on exchanges.

On Coinbase, it peaked at $0.92, and on other exchanges, it topped closer to $0.80.

Analysts that NewsBTC has talked with attribute this temporary discrepancy to immense issues with liquidity on the platform. These liquidity issues may have been perpetuated by market makers failing to properly account for such volatility.

Chart of XRP's price action from TradingView.com
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

XRP Back in Vogue?

Extremely volatility aside, analysts are trying to consider whether or not XRP is back in vogue for the medium to long term.

The jury is still out on that question as the market tries to grapple with this immense volatility, which has seemingly had an effect on Bitcoin, Ethereum, and other top cryptocurrencies.

Some are confident that XRP moves higher solely due to the fact that Bitcoin’s dominance has begun to seriously slip over the past few days.

After peaking near 68%, the BTC dominance has begun to crash, resulting in rallies in altcoins like XRP. There are signs that this <a class="wpg-linkify wpg-tooltip" title="

Altcoin

Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.

» Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin-focused rally will continue as Bitcoin continues to consolidate at its highest prices in years.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xrpusd, xrpbtc
Charts from TradingView.com
XRP Explodes 100% to $0.92 on Coinbase Amid Intense Illiquidity

Via: https://www.newsbtc.com

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