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Outrageous XRP flash crash liquidates BitMEX trader

Oliver Knight
·3 mins read

The price of XRP on BitMEX’s newly-launched perpetual swap contract crashed by more than 60% to $0.13 after a volatile swing in the underlying asset.

One trader on Twitter by the name of Marc de Koning revealed how his entire account had been wiped as his stop-loss failed to trigger during the unexpected flash crash.

The price of XRP on spot exchanges fell to around $0.315, suggesting that the issues lie within a lack of liquidity on the books as opposed to a failure in index price.

The XRP perpetual swap index is made up of prices from Kraken, Bitstamp and Coinbase Pro which, on first glance, show that price didn’t slump to below $0.317.

Slippage of this magnitude is rare, however it can occasionally occur when one or several large sell orders come in without there being sufficient liquidity on the books.

This also means that traders who may have set hopeful bids at around $0.13 have now been filled, equating in a tremendous gain in ROI.

More than 3.7 million contracts were sold at 13:59 with 6.2 million contracts being bought at 14:00 with each contract being the equivalent of one dollar.

This means that the lucky trader who got an order filled at $0.13 is now more than 150% up in terms of ROI.

For more news, guides and cryptocurrency analysis, click here.

Latest Ripple price

Current live Ripple pricing information and interactive charts are available on our site 24 hours a day. The ticker bar at the bottom of every page on our site has the latest Ripple price. Pricing is also available in a range of different currency equivalents:

US Dollar – XRPtoUSD

British Pound Sterling – XRPtoGBP

Japanese Yen – XRPtoJPY

Euro – XRPtoEUR

Australian Dollar – XRPtoAUD

Russian Rouble – XRPtoRUB

Bitcoin – XRPtoBTC

About XRP

Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company. It is also referred to as the Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace its roots to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create their own money.

Ripple is one of the largest cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.

More XRP news and information

If you want to find out more information about Ripple or cryptocurrencies in general, then use the search box at the top of this page. Here’s a recent article to get you started:

Ripple CEO Brad Garlinghouse hits back at critics: ‘XRP is not a security’

By Oliver Knight – February 13, 2020

As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.

The post Outrageous XRP flash crash liquidates BitMEX trader appeared first on Coin Rivet.