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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

XRP Flash Crash: How One Crypto Trader’s Tragedy Is Another’s Gain

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
xrp crypto flash crash

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Overnight last night, the price of XRP flash crashed as low as 13 cents on the popular margin trading platform BitMEX.

Widespread complaints made waves across the crypto community, as traders who were long XRP on the exchange were liquidated, losing their funds. But there are always two sides to every trade, and those who were prepared were able to double their money in a matter of seconds.

XRP Flash Crashes to 13 Cents on Margin Trading Platform BitMEX

Volatility has returned to the crypto market in a big way, with Bitcoin and many individual altcoins going on massive, parabolic rallies.

The rallies across the crypto market have reached returns of over 50% year to date or higher, and in some cases, altcoins are up over 400%.

Related Reading | Ready For Liftoff: Two-Year Downtrend Breakout Could Lead to $14 XRP

But volatility can make trading difficult, especially on trading platforms that offer leverage. Leverage allows traders to “gear” their trades using borrowed funds, allowing them to take positions much larger than what their capital would normally allow for.

This leads to even larger returns on any successful trades, but also can multiply risk by the same extreme factor, which could lead to liquidations if stops aren’t triggered and the asset price moves in the other direction.

This is exactly what happened last night when the price of XRP flash crashed to from 32 cents to just 13 cents in a matter of seconds on BitMEX.

Traders across the crypto space were liquidated as the powerful move skipped right over stops, or, because the move was so powerful, stops weren’t triggered until nearly entire accounts were wiped out.

But as crypto traders caught up in the volatility complain about their losses, their tragedy is another trader’s trade of a lifetime.

Some lucky trader just made 100% on ripple in mere seconds pic.twitter.com/6Ofxzb7Dzk

— Bran (@CryptoBran_) February 13, 2020

There are always two sides to every trade, a buy, and a sell order. Just as those lost substantial funds during the XRP flash crash, those that happened to have orders ready and waiting at low prices, were able to double their money in a matter of seconds.

As the XRP price wick reached the extreme lows, it would have not just triggered stop losses of long positions, but would also trigger the limit orders of those waiting for lower prices to buy in.

Can You Prepare to Profit from Crypto Flash Crashes?

In the past, other assets have flash crashed, with among the most memorable being Ethereum flash crashing to ten cents on GDAX in 2017.

During the extreme move, traders were able to buy the altcoin at just pennies.

https://www.youtube.com/watch?v=VZqQ8UzY8fQ

Certain failsafes are often put into place to prevent such issues, and oftentimes exchanges will refund users who were caught up in especially violent flash crashes.

The situation is a stark reminder to never risk more than you can afford to lose on any crypto trade, as the market can always take an unexpected and powerful turn.

Related Reading | Industry’s Most Powerful Man: Only 1 in 1000 Own Crypto

The other advice to take from this situation is to keep a small amount of capital ready with ultra-low limit orders just in case a flash crash strikes and you get lucky. You could potentially find yourself making the XRP trade of a lifetime.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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