Gemini users suspect relisting "price glitch" as XRP briefly touches $50

By: Henry Felix

Gemini users suspect relisting "price glitch" as XRP briefly touches $50

August 11, 2023 5:46 AM

Following its relisting, XRP has been volatile on the Gemini crypto platform.


Hours after the cryptocurrency exchange Gemini relisted the XRP token on its exchange for deposits and trading, traders have complained about "wonky" prices for the coin.


On August 11, members of the cryptocurrency community took to X (Twitter) to share screenshots of what they are calling a "price glitch" that has caused XRP's reported price on the exchange to climb above $1 multiple times, even reaching $50 at one point.

 


However, CoinGecko, a website that tracks cryptocurrencies, reports→ that the current market price of XRP is $0.63.


Some analysts, however, have hypothesized that the new listing may have led to a narrow order book and limited liquidity. An observer has reported seeing a sell order at $50 and has speculated that someone may have "fat-fingered" a market order at that price:


Others joked that it was just a prediction of where the XRP price would go in the future. 


Meanwhile, Gemini said that their platform entered complete site maintenance at 1:25 am UTC on August 11.


"All services are temporarily down while we do maintenance on the Gemini platform. All money and property belonging to our clients is safe. When we have more to report, it will be posted here."


It also said that certain users were experiencing timeout problems when trading on spot marketplaces.

 

On August 10 at 10:45 UTC, Gemini announced it was suspending cryptocurrency
deposits and withdrawals. Origin: Gemini


On August 10, Gemini annonuced→ it has reinstated XRP trading on its cryptocurrency exchange.

 

In the case of Ripple vs. the Securities and Exchange Commission, U.S. District Court Judge Analisa Torres ruled that XRP is not a security when traded on exchanges.