Many prominent cryptocurrency exchanges hassled to re-list XRP tokens following the most awaited result of the Ripple vs SEC lawsuit. The court ruled out “XRP is not a security” and it gave exchanges a moral boost to make the crypto asset over their trading platforms. Gemini announced the listing of XRP over the platform a day earlier, but the instance took the attention wildly for the token price to trade at even $50.”
Several social media users posted screenshots of XRP token price trading over Gemini exchange platform. The trading price was said to be anywhere from $1 to $50 per token, but its actual price.
XRP Price Over Gemini Crypto Exchange
A Twitter account with the username Yassin Mobarak posted a screenshot showing the XRP trading price at $1.10. The user shared the “wow” moment asking if the current price of the token on Gemini is a “glitch.”
Twitter user, JackTheRipple shared the screenshot of the XRP token price at $50 and noted it as a glitch on the major crypto exchange.
One of the major American cryptocurrency exchanges, Gemini, announced the relisting of XRP on the platform on August 10th, 2023. The company noted to start crypto asset deposit for now and will be trading facilities to take place after some time.
However, as soon as the token was listed on the exchange platform, users found the glitch in the price and took to Twitter/X with their concerns.
Though there is no official statement from Gemini by press time, several other users tried to find the reason. Some suggested that the jump in price points could be the result of recent listings following a thin order book and low liquidity over the platform.
According to the CoinMarketCap data, the XRP token is trading at $0.63 following a slight increase of 0.6% in the last 24 hours.
Gemini is Under Maintenance, But Not for XRP
Amidst the issues around cryptocurrency’s trading price over the platform, some of the users also faced timeout issues on the spot markets.
Gemini informed through its official website about the full site maintenance of the platform on August 11th, 2023. The firm noted that given the maintenance on the platform, all the services would be “currently unavailable.”
The funds and assets belonging to the customers are secure, it added, and information would be shared if there will be an update.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/11/xrp-token-price-rose-50-due-to-glitch-in-gemini-post-relisting/