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XRP Hits $50 and Trillion Dollar Market Cap Before Rapidly Falling to $0.63

Published August 11, 2023 10:32 AM
Teuta Franjkovic
Published August 11, 2023 10:32 AM
Key Takeaways
  • Gemini opens support for the XRP Ledger and relists the XRP Token
  • Following the token’s relisting, low liquidity most likely contributed to an exchange price hiccup
  • XRP briefly increased to $50

Three years on, on Thursday, August 10, crypto exchange Gemini reintroduced  the XRP token for trading, and its price and market cap jumped straight away — but perhaps a little too much.

Trading is now live for numerous pairs, encompassing USD, GBP, and EUR currencies. Gemini’s announcement emphasized its endorsement of the XRP Ledger blockchain, thereby allowing access to the Gemini API/FIX and ActiveTrader applications for trading XRP/USD pairs.

XRP’s Market Cap Experiences a Brief Surge To Trillions of Dollars

At first, the reaction to the XRP price seemed relatively subdued in light of the relisting news. This lack of significant price movement was attributed to the waning excitement surrounding the relisting, which had subsided by July 2023. This shift followed the restoration of trading activities by major United States-based platforms, namely Coinbase  and Kraken .

However, quickly after the re-listing, users within the crypto community have shared instances of unusual price fluctuations.

Numerous individuals took to Twitter on August 11 to share screenshots that depicted what they believed to be a “price anomaly.” This irregularity has caused the displayed price of XRP on the exchange to surpass $1 multiple times, with a notable spike to $50 occurring in one instance.

CCN reached out to Gemini for commentary but did not receive a reply at the time of publishing

According to CoinMarketCap , the price was rising at the time of writing, but only by a humble 0.33% and stood at $0.63.

However, considering the recent listing, some analysts speculate that it might result from a small order book and insufficient liquidity.

One observer in particular claimed to have witnessed the placement of a sell order at $50 and speculated that a market order may have been “fat-fingered” at that price:

Others playfully remarked that it was just a prediction of where the price of XRP will go in the future.

Declared Site Maintenance

As of August 11, 1:25 a.m. UTC, Gemini reported  fully updating its platform.

“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.”

Additionally, it mentioned that some consumers were having timeout problems on spot markets.

gemini incident

Gemini’s XRP Trading Pairs

On August 10th, Gemini declared  the reintegration of XRP for trading on its cryptocurrency exchange.

This development follows a significant legal decision in the Ripple case against the Securities and Exchange Commission (SEC), wherein United States District Court Judge Analisa Torres ruled that XRP is not classified as a security when it is traded on exchanges.

According to earlier reports on Thursday, the token has reportedly been made available for deposits on the platform. The Gemini team said in a statement  that XRP trading is now supported for USD, GBP, EUR, CAD, SGD, HKD, and AUD pairs on the Gemini mobile app and website. The statement said that the tokens may be kept in the Gemini exchange wallet but weren’t yet accessible in Gemini Custody.

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