XRP Rebounds as Market Depth on Gemini Increases
XRP, along with other top cryptocurrencies, is currently facing significant bearish pressure, resulting in a 7% drop in the past week and a total monthly loss of 20%. However, there is some positive news for XRP as the market depth on Gemini, an exchange, has rebounded. The temporary surge in XRP’s price on Gemini, reaching $50, was a result of the token’s relisting on the exchange due to low trading activity. The market depth, representing a 1% share, had plummeted from 45,000 XRP to almost zero when its price exceeded its typical range, causing market makers to reduce their participation. Fortunately, the liquidity has now stabilized at around 150,000 XRP.
Key points:
– XRP’s price on Gemini briefly rose to $50 after being relisted due to low trading activity.
– The market depth of XRP on Gemini decreased significantly when its price exceeded its normal range.
– Market makers scaled back their participation due to the declining market depth.
– Crypto analyst Ali also observed that a minimal market depth on Gemini could lead to significant price shifts.
– The liquidity on Gemini has now rebounded and stabilized at approximately 150,000 XRP.
Hot Take:
The rebound in market depth on Gemini is a positive sign for XRP, indicating increased liquidity and potentially more stable price movements. This could attract more traders and investors to the cryptocurrency, leading to further growth in the future. However, it’s important to keep an eye on regulatory developments and any potential impact they may have on XRP’s market performance.
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