XRP unexpectedly surged to $9868! The market is buzzing about whether the data is abnormal or if there is hidden valuation.

Crypto Assets analyst John Squire posted a shocking video on X showing that the price of XRP once surged to nearly $9,868, before quickly retracting. This brief spike has sparked market discussions and reignited debates about the potential existence of “hidden” valuations. However, the lack of verifiable trading evidence suggests that this price surge did not reflect genuine market activity.

Video captures the moment XRP skyrocketed, no records from the exchange

(Source: X)

The video clip from Squire captured the real-time price trend of XRP, with the price approaching $9,900 at one point. This phenomenon lasted only a few seconds and there were no corresponding transaction records or on-chain verifications. Subsequently, the price quickly fell back, with no exchanges confirming any executed orders at that price level. Such a situation is extremely rare in the Crypto Assets market, as normal price fluctuations would leave an immutable transaction record on the blockchain.

The lack of verifiable trading evidence indicates that this price surge does not reflect real market activity. Under normal circumstances, if XRP were actually traded at $9,868 on an exchange, the order book of that exchange would show corresponding matching records of buy and sell orders, and the blockchain explorer would also display corresponding on-chain transfers. However, subsequent checks show that no mainstream exchange recorded any trades close to this price point at that time.

The phenomenon of “ghost pricing” has sparked widespread discussion in the market. Some XRP supporters believe this may be a brief exposure of “hidden valuation”; they are convinced that the true value of XRP is far higher than the current market price, but is intentionally suppressed by some mechanism. However, more rational analyses point to technical malfunctions. The price aggregation system in the Crypto Assets market relies on complex data flows, and any error in one part can lead to abnormal price displays.

From the video itself, the duration of the price surge is extremely short, which also aligns with the characteristics of data errors. Even in real market fluctuations, it takes a certain amount of time to execute orders and match trades, and prices that appear and disappear in an instant are more likely to be transient errors in the data transmission or processing process. Such errors may occur at any stage of price aggregators, trading platform APIs, or data visualization tools.

XRP Abnormal Pricing History Fourth Bizarre Event

The price of XRP has a long history of displaying abnormal records, and this is not the first time such a situation has occurred. One of the most notable instances happened on January 4, 2019, when its price on a mainstream platform was shown as $7,308. The situation at that time was similar to this one, with the price anomaly lasting only a very short time and no corresponding trading records to support it. That incident also sparked widespread discussion and conspiracy theories in the market, but it was ultimately confirmed to be a data error.

Another malfunction caused its price to soar to $21,355 during a live television broadcast. This incident was even more dramatic as it occurred during the live show, where many viewers witnessed this unusual price in real-time. The event quickly spread on social media, sparking a broader discussion. However, subsequent investigations also revealed that no exchanges had executed real trades at that price level.

In July 2025, the tracker briefly recorded the price of XRP at $691,667, which is the most outrageous anomaly displayed so far. This price implies that the market capitalization of XRP would reach tens of trillions of dollars, far exceeding the total market capitalization of all Crypto Assets worldwide. This obviously unreasonable price display further confirms that these anomalies are technical failures, rather than real market valuations.

XRP Historical Anomaly Price Record:

January 4, 2019: $7,308 (briefly displayed on mainstream platforms)

Year Unknown: $21,355 (appeared during live broadcast)

July 2025: $691,667 (tracker brief record)

October 2025: $9,868 (John Squire video capture)

These recurring anomalous peaks indicate systemic flaws in the platform or data sources, rather than true market valuations. Interestingly, these anomalies occur almost exclusively with XRP, while similar large-scale price display errors are rarely seen in other mainstream crypto assets like Bitcoin and Ethereum. This may be related to XRP's market structure, liquidity distribution, or data aggregation methods, but there is no authoritative explanation for the specific reasons yet.

In-depth Analysis of Possible Causes of Technical Failures

The aggregation of Crypto Assets prices relies on numerous real-time data from exchanges, liquidity pools, and intermediaries. A single asset label error, data delays, or discrepancies in the order book can lead to significant deviations in quotes. Analysts often attribute XRP pricing errors to data inconsistencies, insufficient liquidity, or incorrect routing of price identifiers.

The price aggregation system works by collecting price data from multiple exchanges, then calculating a weighted average or selecting the most representative price for display. This process involves several steps: first, the API of each exchange sends real-time price data; second, the aggregator verifies and processes this data; finally, the processed prices are pushed to various display terminals. Any error in any link of this chain can lead to abnormal price displays.

Insufficient liquidity is another possible reason. In some smaller or emerging exchanges, the trading depth of XRP may be shallower. If someone places a limit buy order at an extremely high price on such an exchange and that order temporarily becomes the best quote on the order book, the price aggregation system may mistakenly treat this unfilled quote as the actual price. Although this situation may theoretically occur, mainstream aggregators usually filter out quotes that deviate significantly from market prices.

The error in price identifier routing is a more technical explanation. In the crypto assets market, the same asset may use different codes or identifiers on different exchanges. If a data aggregation system incorrectly routes the price data of a completely different asset to the display field for XRP, it could result in this extreme price anomaly. For example, if the price data for a trading pair is incorrectly labeled as XRP/USD, it could lead to display anomalies.

Given that no matching transactions are shown in the block explorer or exchange logs, the most reasonable explanation is a temporary price error rather than a real transaction. This conclusion is widely accepted by industry experts. No major exchanges have confirmed executing XRP transactions close to $9,868 during that time period, and on-chain data does not show any corresponding large transfers.

Actual Impact on Traders and the Market

Although the price surge is likely a false report, such anomalies can still have real impacts. Algorithmic trading systems may execute orders based on incorrect price inputs. Many quantitative trading strategies rely on real-time price data to trigger buy or sell orders. If these systems receive incorrect price signals, they may execute trades that do not align with the trader's true intentions, resulting in economic losses.

Retail traders may be misled into believing that a “big event” is happening. When they see news of XRP's price suddenly soaring to nearly ten thousand dollars, many inexperienced investors may rush to buy, fearing they might miss out on a “once-in-a-lifetime opportunity.” This FOMO (fear of missing out) sentiment can lead them to buy at higher prices when the actual price hasn't increased, or to chase prices on other platforms, ultimately resulting in losses.

Errors can undermine people's confidence in market data and may trigger regulatory agencies to question the integrity of Crypto Assets information. As a journalist wrote, in real-time trading, “accuracy is crucial.” If investors cannot trust the price data they see, the efficiency and fairness of the entire market will be called into question. Regulatory agencies may therefore strengthen their regulatory requirements for Crypto Assets data providers, demanding stricter data validation and error correction mechanisms.

The three actual risks of such abnormal events:

Algorithmic Trading False Trigger: Quantitative systems may execute orders based on incorrect prices, resulting in losses.

Retail FOMO Misjudgment: Investors may be misled to chase highs or panic sell.

Market Trust Crisis: Repeated errors undermine confidence in crypto data infrastructure.

Important Reminder to Rationally View Abnormal Data

John Squire's video issues a timely warning: abnormal price data does not equate to actual market trends. Caution should be exercised regarding price spikes until verified trading exchange order data, on-chain settlement records, or platform confirmations are obtained. When investors see any abnormal prices, their first reaction should be to verify rather than act. Checking prices across multiple mainstream exchanges, viewing transaction records on blockchain explorers, and waiting for official confirmations are all necessary prudent steps.

Currently, the continuous weakness of the infrastructure seems to be the more likely reason for the abnormal display of XRP prices, rather than any sudden significant fluctuations in the value of XRP. Traders and observers should continue to pay attention to data accuracy, liquidity signals, and exchange disclosures, rather than just focusing on surface numbers. In the ever-changing world of Crypto Assets, such events remind us to question what we see, just as we question what we believe.