Ripple’s XRP prices experience a crash on the BitMEX derivatives exchange and but quickly recovered. BitMEX CEO Arthur Hayes has been in the recent times quoted disapproving XRP openly in the social media.
Ripple’s XRP derivative, XRP /USD, experienced a quick market crash on February 13, at 14:00 UTC on the BitMEX crypto exchange. The XRP price dipped from $0.33 to $0.13 in few seconds where it immediately recovered leaving a long wick on the candlestick. As a result, the crash stop hunted most active trades with stop loss activated, hence losses on the side of traders.
Ripple’s XRP and BitMEX CEO
BitMEX CEO Arthur Hayes has been openly criticizing the crypto assets terming it as “sh*tcoin”, and also a “turd” according to his tweets. Despite BitMEX adding the crypto asset recently, it is clear there are underlying issues between the two entities that are spilling over to the investors.
CRipple the shorts. Pro Tip: the Buy and Sell buttons are both equally profitable regardless of whether or not you are trading a turd. pic.twitter.com/dknaPauJM1
— Arthur Hayes (@CryptoHayes) February 13, 2020
It has been observed that the market crash happened coincidentally the same day that Hayes posted his mockery tweets about XRP. Whether it was a market manipulation or not, the traders will have to bear the consequences of the fight.
According to Hayes, traders continue using the pair out of the shear huge volume that the crypto asset commands. With the huge daily trade volume accompanied by the increasing market cap, XRP pair is bound to be highly volatile and therefore offering an opportunity for traders to either enter long or short trades and make profits.
Ripple has also received a fair share of criticism from the investors for dumping 1 billion XRP into the market making it more or less like the Feds who print money at their will. This can be a significant hindrance to the growth of the crypto asset even though a huge mass is behind it.
Compared with Bitcoin where miners have to solve difficult algorithmic problems to be rewarded with coins, dumping of the coins is a problem Ripple will have to deal with in order to increase the demand of the coin in the market. The demand increase will conversely result in the increase in market price similar to Bitcoin and also gold.
Ripple’s XRP Price Analysis
Otherwise, despite the criticism, Ripple’s XRP has been doing quite well since the beginning of the year. It has broken strong hurdles that otherwise were seen as a resistance zone that would cause the price to reverse heavily.
At the time of news reporting, XRP derivative against the dollar was trading at $0.327 with the bulls showing their tenacity to push the market higher. However, despite the slow rise in the market price, its market cap has steadily risen for the past few days to hit $14.23 billion, which is a good catalyst to push the price even higher.
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