Unraveling the Ripple: Bitstamp’s Glitch, XRP’s Price Plunge, and Ties with Bitso

A digitally rendered image of a grand stock exchange platform showing the frenzied activity of trade, the plummeting price of a prominent digital currency: XRP, visible on an ornate retro-style ticker tape. Captured in muted colors, nighttime setting, mimicking the mood of uncertainty and suspense. The image also features the movement of large quantities of XRP between two imposing structures, symbolizing the crypto exchanges Bitso and Bitstamp. Lastly, the foreground depicts an abstract representation of cross-border payments, being propelled by this digital currency in a seamless fashion, illustrating their blossoming partnership.

Just an hour after revealing a temporary snag in XRP trade, the ultimate solution came in from Bitstamp Exchange. The disclosure of this glitch stirred unrest among its users, sparking rumors of potential problems with Dogecoin (DOGE) trading pairs.

Bitstamp returned to trading normalcy shortly after successfully ironing out the issue. In its efforts to tackle the glitch discovered around 18:00 (UTC), the exchange had to abort all ongoing orders on affected XRP markets. The drastic solution elicited the exchange’s advisement to affected clients to reissue their orders.

However, the ripple effect was felt all over Bitstamp, as the issue was said to have triggered an uncharacteristic plunge in XRP’s price, a drop to $0.4587 around 09:00 (UTC) notably.

Bitstamp’s actions are indicative of its strong support for XRP, having relisted the coin in July following Judge Analisa Torres’ decree that it is not a security. The relisting set the stage for the introduction of XRP-focused products, including the 2% APY launch on XRP lending in August. The exchange has since magnified the XRP lending yield over 30-day periods, nudging its customer service a notch higher.

A report from Whales Alert revealed that the Mexican crypto exchange Bitso, an emblematic crypto unicorn, received two separate transactions involving 20.4 million XRP and 30.4 million XRP. On the other hand, the European Union-operated Bitstamp beheld transactions of 26.8 million XRP and 29.3 million XRP.

The alignment with Ripple, especially within the XRP-based cross-border payments framework, has positioned both Bitso and Bitstamp as key players in the crypto space. This strategic partnership speculation took an interesting turn with Whale Alert reporting an additional significant XRP transfer of approximately $15,214,882 USD, from an unknown wallet to Bitstamp on October 9.

With data from Bithomp, an analytics platform dedicated to XRP affirming a link between the sending wallets and Ripple, the plausibility of Ripple’s continued reliance on the XRP ecosystem for its cross-border payment solutions is undeniable. Bitso and Bitstamp, in partnership with Ripple, have contributed immensely to the cross-border payment system, now known as “Ripple Payments.”

These hefty XRP transactions underscore prevalent teamwork between Ripple and its associate exchanges, Bitso and Bitstamp. Utilizing XRP’s potential power for facilitating seamless cross-border payments continues to be a flourishing endeavor.

Source: Cryptonews

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