XRP Price on Gemini Shoots $50 In Hours of Listing, Here’s Why?

On Thursday, August 10, crypto exchange Gemini finally decided to end the wait and relist the XRP token on its platform. The exchange has unveiled its endorsement for the XRP Ledger blockchain, making the Gemini API/FIX and ActiveTrader applications accessible for trading XRP/USD pairs.

However, it turns out that the XRP price on Gemini seems to be showing much higher than the actual traded value. Some users reported that within hours of listing XRP on Gemini, the price shot up as high as $50.

Major exchange @Gemini had a glitch.

$50 per #XRP! 👀 pic.twitter.com/UBEWN7Rv7j

— JackTheRippler ©️ (@RippleXrpie) August 10, 2023

The glitch persists even as of writing this story with the XRP price trading at $.160, however, the actual price of XRP is somewhere around $0.63 levels.

Some users tried to decipher what could be the reason behind such a price glitch. Certain analysts noted that this occurrence could stem from a scanty order book and limited liquidity, likely due to its recent listing. A particular observer even noted witnessing an instance where an individual set a sell order at $50, speculating that it might have been an inadvertent “fat-finger” market order placement at that value.

Gemini Exchange on Maintenance

While Gemini has yet to give any official explanation regarding the same, it has noted on its website that the exchange would undergo full-site maintenance as of Aug. 11, 1:25 am UTC.

““We are currently performing maintenance on the Gemini platform and so all services are currently unavailable. All customers assets and funds remain secure. We will provide updates here once we have more information to share,” it noted.

As of press time, the XRP price still continues to hover around $0.63 with a market cap of $33.5 billion. After the initial euphoria post the XRP lawsuit ruling, the XRP price seems to have lost steam and waiting for another catalyst for any upward price action.

While XRP investors are waiting on the sidelines for the price to reach $1, it’s difficult to reach here as far as Bitcoin consolidates.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.