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PancakeSwap's XRP rate skyrocketed by 31,019,296%

PancakeSwap's XRP rate skyrocketed by 31,019,296%

The cryptocurrency value reached $239,000 at the average market price of $0.76. Later, it fell back to its previous values.

As reported by RBC, the XRP cryptocurrency rate on the PancakeSwap decentralized cryptocurrency exchange was up 31,019,296% in the moment, followed by a decline to previous values. The coin's price reached $239,000, and then it dropped back down to the market average of about $0.76.

This was caused by the imperfection of the DEX pricing mechanism. On such platforms, the purchase or sale price depends on the transaction volume. If the value is too low, the transaction may proceed at inadequate quotes. Still, in most cases, users cannot benefit from it because of the short-term nature of the rise. 

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Best centralized crypto exchanges in 2022

Over the past 12 months, the cryptocurrency market has grown by 36%, raising its capitalization to a record $9.3 billion. This boosted both the development of existing crypto exchanges and the creation of new ones. Therefore, newcomers as well as experienced traders often find it difficult to decide which exchange is the best to trade on. We have compiled our own list of centralized cryptocurrency exchanges for EU and US residents to solve this issue.  

Evaluation criteria:

When compiling the list, we considered the following features: 

  • Trading volume. This indicator is important for those who conduct many transactions over a short period of time, when users need their orders to be bought or sold very quickly. Besides, this indicator shows how much trust people have towards a particular exchange.  
  • Number of trading pairs (markets). This feature is important for those who work with less popular altcoins.
  • Legal status and reputation. This helps to avoid both fraud by the exchange and persecution by government regulators.
  • Trade with fiat money and withdrawal to other payment systems. This makes it possible to withdraw money to ordinary bank cards with minimal commissions. 
  • Availability of additional financial instruments. This increases the owner's opportunities for earning, storing, and withdrawing crypto assets. 

Read more here

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