XRP Price Drop on Bitrue Exchange Sparks Outrage

XRP Price Plunge on Bitrue Exchange

A significant technical glitch on the Bitrue Exchange resulted in the XRP price briefly plummeting to $0.001 before quickly rebounding. This abrupt drop led to the liquidation of nearly all active XRP long positions on the platform, causing frustration among traders.

Customer Demands for Clarity

The unexpected price drop has prompted several Bitrue customers to demand an explanation from the exchange. The event has reignited trust issues among users, especially considering Bitrue's history of security challenges. Customers are calling for a thorough investigation into the cause of the glitch and a comprehensive response from the exchange.

Bitrue's Response and Customer Sentiments

As of now, Bitrue has not issued any official statement addressing the glitch. Their latest communications have focused on market trends, avoiding the critical issue at hand. The absence of a response has left many users dissatisfied, fearing the potential financial implications of such technical errors.

Implications for XRP Traders

The glitch, which saw the XRP price dive to $0.001, contrasts sharply with the current price of $0.471, highlighting the potential financial damage to traders. Affected customers have shared automated messages from Bitrue, citing insufficient balance as the reason for their position closures, further fueling demands for accountability.

Bitrue's Security Challenges

This incident follows a previous security breach on April 14, 2023, where Bitrue lost approximately $23 million due to a hack. The exchange has promised compensation for affected users from that event, but similar assurances for the glitch-related losses remain pending. Customers are keenly awaiting Bitrue's next steps in resolving these concerns.