Major Exchange Reacts to Price Crash

Did Bitrue go too far with its recent pro-XRP post?

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Bitrue, a popular cryptocurrency exchange, has urged its followers to go “all-in” on the XRP token. 

The bullish post attracted some backlash from the exchange’s followers. One user pointed to the dismal price performance of the XRP token over the past five years. 

Some have suggested that the social media post might have been ill-considered given that it unmistakably sounds like financial advice. 

Other users joked that the exchange’s attempt to promote the token might be bearish for XRP.

Bitrue has long been one of the most pro-XRP exchanges. Over the past few years, it has rolled out numerous features to specifically cater to the community behind the Ripple-affiliated token. 

Back in 2018, it adopted the XRP-affiliated token as its base currency, becoming the first major cryptocurrency trading platform to do so. It went on to expand the list of tokens that can be traded against XRP in the following years. In March, it made it possible to trade red-hot meme coins of the likes of BONK and SHIB against the Ripple-affiliated token. 

In 2019, the XRP-focused exchange made a foray into the lending market, allowing users to pledge their XRP and other tokens in order to receive loans. 

In 2023, the exchange introduced zero withdrawal fees for XRP transactions. 

On top of that, Bitrue is running a Unique Node List (UNL) validator on the XRPL network, thus enhancing its security. 

Despite its heavy involvement in the XRP ecosystem, some users still felt like the recent post went a tad too far.

The XRP token is down 11% over the past month, plunging in tandem with the broader cryptocurrency market. 

The Ripple-affiliated token has underperformed other major cryptocurrencies despite gaining some semblance of legal clarity with Judge Torres’s ruling.

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