Lack of Liquidity Got the Best of XRP while Daily Active Addresses Making a Record

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In yet another bullish indicator, for the first time ever, in Ripple’s over six years history, it recorded the highest single-day daily active addresses created.

“Ripple recently saw its largest single day in daily active addresses created in the token’s 6+ year history,” observed crypto data provider Santiment.

The daily active addresses have been keeping steady throughout the years but in 2019 it started to see visible bumps of increment. In July last year, while the price of the digital asset was declining, upswings in the daily active address created were recorded.

In December, XRP price bottomed out and in 2020, it started surging which was followed by active addresses as well.

February has been even better for the digital asset as two remarkable spikes have been registered this month, that is bigger than any other seen in the coin’s history.

While XRP investors are getting excited, so is the price. Actually, it has been the price that is most likely driving this demand. This past week, the third largest digital asset by market cap jumped 16% in price. Also, in 2020 so far XRP is up 70% while trading at $0.325.

Experts, however, are still bullish on this cryptocurrency as we reported with trader Crypto Michaël expecting an uptrend of over 100%.

Buy xrp, literally most bullish looking major right now” says analyst Benjamin Blunts.

Getting BitMEXd

Amidst all of this good news, yesterday in one single candle, XRP price tanked, going from $0.34 to $0.14 on crypto derivatives exchange BitMEX.

This drop of about 60% on BitMEX had the market react with outrage. One trader Marc de Koning especially had something fierce to say about the unregulated exchange after he lost his entire BitMEX account.

“WTF. FUCK YOU BITMEX. This is really not okay! My stop didn´t trigger and my entire bitmex account is fucking gone. Fuck you!” is what he had to say.

And according to the screenshot shared by Koning, BitMEX would be making “no rollbacks or refunds.”

Mati Greenspan, founder of Quantum Economics, however, agrees with BitMEX’s decision to not refund their customers as that’s what BitMEX does “best”. These types of events are known as flash crashes that don’t happen frequently in traditional markets but only when there aren’t a lot of trades happening.

“It’s prudent to note that these high leverage XRP contracts are quite new to BitMEX and antagonistic comments from the CEO calling XRP dirty names has probably not attracted all that many clients. So the orderbook is likely quite sparse. If you have people selling and there are no buyers, the market price will then drop to the meet the next available buy order. It’s simply how markets are designed,” Greenspan explained in his daily newsletter.

However, he did say BitMEX citing market factors is only half true because they are the ones who created the market.

XRP perpetual concerts are the latest addition to the BitMEX platform that offers up to 50x leverage on this product.

At that time, BitMEX CEO Arthur Hayes called Ripple “dogshit,” and yesterday when the price of XRP was climbing up, he wrote, “CRipple the shorts. Pro Tip: the Buy and Sell buttons are both equally profitable regardless of whether or not you are trading a turd.”

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