Did XRP Price Really Hit $50 On Gemini Exchange
August 11 2023 - 1:00PM
NEWSBTC
On August 10, the price of XRP inexplicably spiked for a brief
moment on the Gemini exchange. For a moment, the price of XRP
reached an astounding $50 per coin before quickly crashing back
down to the same level on spot markets on other exchanges. Brief
Price Surge On Gemini According to various posts on social media
platform X (formerly known as Twitter), it would seem that Gemini
experienced a technical issue that caused the XRP price displayed
on their exchange to show an erroneous price of $50. During that
time, however, XRP was trading around only $0.63. Related
Reading: Bittrex, SEC Reach Settlement In Securities Violation Case
It would appear as if Gemini is currently experiencing a thin order
book after recently relisting XRP on its spot markets. Users have
posted screenshots on social media of the token’s price on the
exchange rising above $1 several times. However, the exchange has
since updated its chart to make it look like the cryptocurrency
only spiked to $1.50. Gemini updates XRP chart to reflect $1.50
spike | Source: Gemini The bump, which took a few seconds to
correct, was likely a result of low liquidity. According to crypto
trading expert Ali Martinez, the liquidity was so low that only a
$37,000 order was enough to move XRP prices on the exchange by 2%.
$XRP hit $50 on @Gemini, but now they have updated their charts to
make it seems like #XRP hit $1.60. 😅 Still, the market depth on
this #crypto exchange is very low. Only a $37,000 order is required
to move #Ripple prices by 2%. pic.twitter.com/k5u2GV5PnH — Ali
(@ali_charts) August 11, 2023 Another observer also mentioned that
a user had accidentally put up a sell order for a lot of tokens at
$50, spiking up the price on Gemini in the process. A price swing
of that magnitude seems highly impossible without any major news or
event driving widespread interest in XRP. Following this, as
of the time of writing, the exchange has announced it has put its
platform into full site maintenance. the order book is very thin, i
have been watching all day, at one point there was nothing for
sale, someone put a lot to sell at $50.00 and someone must have fat
fingered a market order and then they were the proud owner of $50
XRP, this was from a few hours ago pic.twitter.com/W5AoG2eV0r —
John S (@lifebythedrop63) August 11, 2023 Token price trending at
$0.63 | Source: XRPUSD on Tradingview.com Relisting XRP Gemini is
the latest exchange to relist XRP after Ripple’s partial victory in
court against the United States Securities and Exchange Commission
(SEC). Due to regulatory concerns, the token was initially delisted
on various exchanges after the SEC filed a lawsuit against Ripple
in 2020. However, US Judge Analisa Torress ruled in July that
XRP sales to the general public are not in violation of federal
laws, so many of these crypto exchanges have gone ahead to relist
XRP on their platforms. Related Reading: New Milestone For Ethereum
Could Spell Good News For ETH Price Other crypto exchanges that
have also moved to relist the token since the ruling include
Coinbase, Kraken, and Bitstamp. At the time of writing, XRP is
trading at $0.6311, up by 33.09% in the past month. Despite the
initial euphoria community members may have experienced due to the
Gemini glitch, the Ripple ecosystem still has a long way to go
before XRP can actually hit $50 on the open market. Featured image
from iStock, chart from Tradingview.com
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