The ongoing BTC volatility may attract the main attention of the traders now, however, the XRP (Ripple) market has shown an interesting event this Thursday, February 13th. The coin fell in price by almost 60%, dropping to $ 0.13 as a result of an instant collapse of the exchange rate on the BitMEX exchange.
During a sharp collapse, the price of the XRP index, which is formed on the data of the big exchanges, deviated by only a few points. Nevertheless, some traders reported that the stop loss system on BitMEX did not work, because of which the positions were liquidated, and they themselves lost all funds.
The statements was questioned in the comment-feed of the trader, who’ve lost his funds, as for other users stop-loss worked in normal mode at the same time.
The alleged cause of the incident is the low liquidity of the XRP / USD market, which BitMEX launched last week.
According to the NewsBTC announcement,to avoid unexpected liquidations, BitMEX uses the so-called “fair pricing” for the cases of price manipulation, low liquidity or high volatility. It works when the “fair price” is shown instead of the last price.
What is interesting, BitMEX representatives have not commented on the situation at the moment, and the price of XRP has risen to around $ 0.325.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.