Bitstamp Resumes XRP Trading Following Temporary Glitch

Bitstamp Exchange resolved a temporary issue affecting XRP trading and promptly announced the resumption of XRP trading just an hour after acknowledging the problem.

On October 10 at 18:24 (UTC), Bitstamp acknowledged an issue that arose on Monday, causing concerns among the XRP trading community. Although specifics about the issue were not initially provided, Bitstamp reassured its users that a dedicated team was actively working to resolve the situation. 

This announcement led to visible frustration among users, with some speculating about unconfirmed issues with Dogecoin (DOGE) trading pairs.

Remarkably, Bitstamp successfully resolved the issue within just an hour, allowing for the resumption of XRP trading. During the period of the issue, Bitstamp users reported a significant and unusual drop in XRP’s price on the platform. Allegedly, XRP plummeted to $0.4587 at around 09:00 (UTC).

XRP just wicked down to .45 on Bitstamp #XRPCommunity @XRPcryptowolf @BlackberryXRP @AlexCobb_ @DigPerspectives pic.twitter.com/2u6EhWiA1s

— PauleyPiper (@PauleyPiper) October 9, 2023

Bitstamp has been a consistent supporter of XRP, being among the major exchanges that relisted the coin in July following a crucial declaration that XRP is not a security. 

Since then, Bitstamp has introduced various XRP-focused products, including the launch of 2% APY on XRP lending in August. Over time, the exchange has further enhanced the XRP lending yield for 30-day periods to serve its clientele better.

Ripple Partnership and Cross-Border Payments

Bitstamp’s strong support for XRP is bolstered by its partnership with Ripple, particularly within the framework of XRP-based cross-border payments. Recent significant XRP transactions involving Bitstamp show the close collaboration between Ripple and its partner exchanges in facilitating seamless cross-border payments utilizing the power of XRP.

Bitstamp acknowledged the glitch and confirmed the resolution of the issue. They mentioned that they had to “cancel all open orders on affected XRP markets” when the glitch was discovered at around 18:00 (UTC). Users affected by this cancellation were encouraged to resubmit their orders.

“[…] we can confirm that the issue has been resolved and XRP trading has resumed,” Bitstamp said in a tweet.

The issue has now been fixed, and XRP trading has resumed. Thanks for your patience and understanding! https://t.co/OYClyzEIfI

— Bitstamp (@Bitstamp) October 9, 2023

These rapid developments emphasize Bitstamp’s dedication to providing uninterrupted services for the XRP community and further solidify its relationship with Ripple in enhancing the capabilities and reach of XRP in the cryptocurrency market.

The close collaboration between Ripple and its partner exchanges, like Bitstamp, continues to play a vital role in facilitating seamless cross-border payments and propelling the XRP ecosystem forward.