BitMex, one of the largest exchanges and trading platforms in the cryptocurrency market is now in the eye of the storm after having issues with the XRP/USD trading pair. Indeed, XRP fell over 58% in just a candle of 4 hours on the largest margin trading platform in the industry. Due to this reason, users are now angry about the situation they lived with their positions.
XRP Massively Crashes on BitMex
Many consider that the cryptocurrency market is still an immature place for traders and larger investors. And in many cases, they are right. This time, BitMEX users experienced a massive liquidation of their XRP positions (if they didn’t have stops) on the XRP/USD trading pair.
This is related to the fact that XRP went from $0.34 to $0.14 in just a few minutes. This represents a price decrease of almost 59%. Despite being volatile assets, this is not a normal situation in a mature and liquid market.
The worst thing is that some users that had their stop-loss correctly in place were affected as well. This ended up in this person losing the funds he had on the platform. The main question is whether there are many individuals in this situation.
One of the users on the platform wrote on Twitter:
“WTF. This is really not okay! My stop didn’t trigger and my entire BitMEX account is **** gone.!”
WTF. FUCK YOU BITMEX. This is really not okay! My stop didn´t trigger and my entire bitmex account is fucking gone. Fuck you! pic.twitter.com/WHXbJoiTvL
— Marc de Koning (@Koning_Marc) February 13, 2020
BitMex allows users to trade with leverage in a wide range of virtual currencies. This is clearly positive for those traders that do know where and when the market would move next. XRP is one of the largest virtual currencies in the market and it could continue growing in the coming years.
Crypto Moving Higher
The cryptocurrency market is moving higher and this liquidation comes at a time in which traders are very enthusiastic about the future of the space. Specifically for the XRP/USD trading pair, the moment is starting to grow for this virtual currency.
Ripple, one of the most important companies in the XRP ecosystem is expanding with new partnerships that could be really positive for the digital asset in the future. If new financial institutions start using XRP as an asset for transactions across borders, it may be possible for it to reach new highs.
However, movements and situations such as the one experienced by XRP on BitMex show that the market is not yet ready to receive the influx of larger companies or institutions that want to invest large amounts of funds in the space. Nonetheless, this is not stopping investments in infrastructure.
Exchanges and other crypto platforms are starting to offer a wide range of solutions to traders and crypto enthusiasts.
Bullish January for XRP
Following the massive bull run experienced by the whole crypto market since the beginning of January, XRP was able to leave behind its bear trend. In this way, this cryptocurrency is entering a new bull market that could bring great profits in the future.
Since the beginning of the year, XRP moved from below $0.2 to over $0.33. This represents a price increase of more than 50% in just one month. In the future, XRP could eventually surpass its previous all-time high and surprise traders and investors from all over the world.
The cryptocurrency analyst Carlos Terenzi said about the current situation in the market:
“Cryptocurrencies are entering a new bull trend that could end up with new all-time highs in all the market. However, it is always important to know when to enter and exit trades to realize the gains.”
AltSignals Improves Trading Strategies
This is where AltSignals could be very useful. While many traders would just want to hold on their digital assets, many others would prefer to move forward with AltSignals incesting their funds in a wide range of cryptocurrencies.
AltSignals provides great crypto trading signals for newcomers and trading experts alike. This helps the whole market get a better idea when to enter or exit a trade. Newcomers can learn how to trade virtual currencies and experts can get a valuable confirmation on whether their trades are moving into the right direction.
In addition to it, AltSignals is considered to be one of the most popular and recognized crypto trading signals services in the industry. In order for it to reach this level of trustworthiness, AltSignals releases monthly reports about their signals and how they performed in different exchanges such as BitMex, Binance and other traditional FX markets.