XRP price temporarily spikes to $22.50 due to Coinbase glitch

Recently, Ripple’s (CRYPTO:XRP) XRP appeared to skyrocket to an astonishing $22.50 on Coinbase, generating significant buzz and excitement among investors.

However, the sudden surge was not the result of market dynamics but rather a technical glitch on the exchange, with the actual price remaining stable around $0.56 to $0.57.

This glitch caused a brief stir on social media, as users shared screenshots and speculated about what could have caused such an unprecedented spike.

While the excitement was palpable, it soon became clear that the spike was merely a technical error and not a true reflection of XRP's market value.

Glitches like this are not uncommon in the cryptocurrency world.

Similar incidents have occurred on other platforms in the past.

For instance, earlier this year, XRP was mistakenly shown trading at $74.50 on Atlantis Exchange shortly after the platform launched XRP trading.

Another notable glitch occurred in November 2023 on Crypto.com, where XRP's price temporarily surged to nearly $250.

In that instance, the glitch reflected the valuation of Binance Coin (CRYPTO:BNB), which was trading at that level at the time, rather than XRP itself.

While these glitches can cause temporary confusion and excitement, they highlight the importance of verifying price data before making any trading decisions.

Such errors, while not reflective of actual market conditions, can lead to brief disruptions in trading and may even cause unwarranted market speculation.

For now, the real price of XRP continues to hover around the $0.56 to $0.57 range, with the cryptocurrency maintaining its position as the seventh-largest digital asset by market capitalisation, currently valued at approximately $31.7 billion.

This incident serves as a reminder of the volatility and unpredictability inherent in the cryptocurrency market, where even technical errors can briefly distort reality.

At press time, XRP is priced at $0.599.