Brief Price Surge On Gemini
According to social media reports, the price of XRP briefly spiked to $50 on the Gemini exchange before quickly crashing back down. This surge was due to a technical issue on the exchange, causing an erroneous display of the price. Here are the key points:
– Gemini experienced a technical issue that displayed the price of XRP as $50, while it was actually trading around $0.63.
– The exchange may be facing low liquidity, as users have reported the token’s price rising above $1 multiple times.
– The bump in price was likely a result of low liquidity, with a $37,000 order being enough to move XRP prices by 2%.
– One observer noted that a user accidentally placed a sell order for a large amount of tokens at $50, spiking up the price on Gemini.
– Following this incident, Gemini has put its platform into full site maintenance.
Relisting XRP
Gemini is the latest exchange to relist XRP after Ripple’s partial victory in court against the SEC. Here are the key points:
– XRP was initially delisted on various exchanges after the SEC filed a lawsuit against Ripple in 2020.
– US Judge Analisa Torress ruled in July that XRP sales to the general public are not in violation of federal laws, leading to exchanges relisting the token.
– Other exchanges that have also relisted XRP include Coinbase, Kraken, and Bitstamp.
Hot Take
While the brief price surge on Gemini caused excitement, it is clear that XRP still has a long way to go before reaching $50 on the open market. The incident highlights the importance of liquidity in crypto exchanges and the potential for price manipulation. As the Ripple ecosystem continues to navigate regulatory challenges, it remains to be seen how XRP will perform in the future.
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