XRP rate on the Poloniex exchange fell to zero due to a technical failure

During the two-hour maintenance, the price charts of other cryptocurrencies showed a similar situation

10.07.2023 - 14:25

2 min

What’s new? On July 10, the rate of the native token of the Ripple (XRP) payment protocol on the Poloniex exchange collapsed to zero. This was due to scheduled maintenance on the platform, which began at 07:00 UTC and lasted about two hours. During the maintenance, the exchange’s site worked offline, and trading was suspended. In this regard, a similar drop was observed in other coins. As of 14:30 UTC, XRP on Poloniex is trading at $0,4724, having added 0,79% in 24 hours.

🚧 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

What happened before? On April 26, the XRP rate also fell to $0 on the Bitrue exchange as a result of a technical glitch. This led to massive liquidations on futures positions with the asset paired with the USDT stablecoin.

On March 24, the crypto exchange Binance stopped trading activity for 2,5 hours. The reason was an error in the stop order detected by the matching mechanism.

On May 22, the Dash blockchain did not release new blocks for a day due to a glitch following the Core v19 upgrade.

What is known about Poloniex? The centralized crypto exchange (CEX) headquartered in Seychelles was founded in 2014. In 2019, it was bought from Circle, a company that issues the USDC stablecoin, by a group of investors that included TRON blockchain founder and Huobi exchange CEO Justin Sun. As of July 10, it has a daily trading volume of $32,87 million. There are 434 coins and 639 trading pairs available on the platform.

In May, Poloniex paid a $7,59 million fine for violating US sanctions. The platform conducted transactions of clients from Crimea, Cuba, Iran, Sudan, and Syria worth more than $15 million from January 2014 through November 2019.

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