The price of XRP on BitMEX’s newly-launched perpetual swap contract crashed by more than 60% to $0.13 after a volatile swing in the underlying asset.
One trader on Twitter by the name of Marc de Koning revealed how his entire account had been wiped as his stop-loss failed to trigger during the unexpected flash crash.
The price of XRP on spot exchanges fell to around $0.315, suggesting that the issues lie within a lack of liquidity on the books as opposed to a failure in index price.
The XRP perpetual swap index is made up of prices from Kraken, Bitstamp and Coinbase Pro which, on first glance, show that price didn’t slump to below $0.317.
Slippage of this magnitude is rare, however it can occasionally occur when one or several large sell orders come in without there being sufficient liquidity on the books.
This also means that traders who may have set hopeful bids at around $0.13 have now been filled, equating in a tremendous gain in ROI.
More than 3.7 million contracts were sold at 13:59 with 6.2 million contracts being bought at 14:00 with each contract being the equivalent of one dollar.
This means that the lucky trader who got an order filled at $0.13 is now more than 150% up in terms of ROI.
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About XRP
Ripple is a real-time gross settlement system (RTGS) developed by the Ripple company. It is also referred to as the Ripple Transaction Protocol (RTXP) or Ripple protocol. It can trace its roots to 2004 when a web developer called Ryan Fugger had the idea to create a monetary system that was decentralised and could effectively allow individuals to create their own money.
Ripple is one of the largest cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalisation.
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