XRP price hits $50 on Gemini exchange after listing
In a recent development that has caught the attention of the cryptocurrency community, the price of XRP suddenly increased to $50 on the Gemini crypto exchange. The increase may have been caused by a number of different factors, including order book imbalances and technical concerns. Gemini has officially confirmed that they would be offering XRP after dropping hints leading up to the announcement.
Expert highlights low market depth on exchange
Prominent crypto trading expert Ali Martinez highlighted a noteworthy occurrence involving XRP on the renowned Gemini crypto exchange. He noted that despite the apparent shifts in price, the exchange’s market depth remains notably shallow. This means that even relatively modest transactions can have a significant influence on XRP’s market valuation within the exchange.
Revised depiction of XRP’s value
It appears that the exchange has undertaken chart updates, resulting in a revised depiction of XRP’s value, which now stands at $1.60. This adjustment came after XRP briefly reached $50 on Gemini. Despite the listing of XRP on Gemini and a favorable verdict in the case of Ripple v. SEC, the price of XRP did not see a significant response to the announcement.
Rising acceptance of XRP
The listing of XRP on Gemini indicates a rising acceptance of the token in the cryptocurrency community. This comes after a favorable verdict in the Ripple v. SEC case. Although the SEC has appealed the judgment, the price of XRP has remained relatively stable. Currently, the token is being traded on major spot exchanges, such as Gemini, at a price of $0.63.
Hot Take
The sudden increase in XRP’s price on the Gemini exchange and its subsequent adjustment highlights the volatility and susceptibility of the cryptocurrency market. While the listing of XRP on Gemini signifies growing acceptance, the market depth on the exchange remains low, making it vulnerable to small transactions impacting the token’s valuation. The ongoing legal battle with the SEC has not had a significant impact on XRP’s price.
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