XRP briefly hits $50 on Gemini as users suspect relisting ‘price glitch’

Crypto users have reported seeing “wonky” rates for Ripples XRP (XRP) token on the Gemini crypto exchange hours after it relisted the token on its platform for deposits and trading. A number of crypto community members on X (Twitter) on Aug. 11 published screenshots of what lots of have actually described as a “rate glitch” that has seen XRPs shown rate on the exchange increase above $1 a number of times and even spiking to $50 on one occasion.

However, some observers suggest it may be the result of a thin order book and low liquidity, provided the recent listing. One observer, in particular, stated they saw somebody location a sell order at $50, adding that someone may have inadvertently “fat-fingered” a market order at that price: Yeah I in fact saw someone asking why XRP expenses 50$ per token on gemini.– A/A (@AaverAllar) August 11, 2023

Cointelegraph connected to Gemini for remark but did not get an immediate response.Magazine: Deposit risk: What do crypto exchanges truly finish with your cash?

Crypto users have actually reported seeing “wonky” prices for Ripples XRP (XRP) token on the Gemini crypto exchange hours after it relisted the token on its platform for deposits and trading. Numerous crypto community members on X (Twitter) on Aug. 11 posted screenshots of what many have described as a “price glitch” that has seen XRPs shown cost on the exchange increase above $1 a number of times and even increasing to $50 on one event. One onlooker, in particular, stated they saw somebody location a sell order at $50, adding that somebody may have unintentionally “fat-fingered” a market order at that price: Yeah I really saw somebody asking why XRP costs 50$ per token on gemini. It comes after United States District Court Judge Analisa Torres ruled in the Ripples case versus the Securities Exchange Commission that XRP is not a security when offered on exchanges.Xcited to announce $XRP is now offered for trading on Gemini.

While others jokingly commented it was merely a projection of where the XRP cost will go in the future. Site maintenance announcedMeanwhile, since Aug. 11, 1:25 am UTC, Gemini revealed it has put its platform into complete website maintenance.” We are presently carrying out maintenance on the Gemini platform therefore all services are presently unavailable. All customers properties and funds stay safe. Once we have more information to share, we will offer updates here.” It likewise reported some users were seeing timeout issues on area markets. Gemini likewise noted it had handicapped cryptocurrency deposits and withdrawals on Aug. 10, 10:45 am UTC. Source: GeminiRelated: Digital Currency Group submits motion to dismiss Gemini lawsuit, declaring its a PR campaignGemini revealed it had made XRP offered once again for trading on the crypto exchange on Aug. 10. It comes after United States District Court Judge Analisa Torres ruled in the Ripples case against the Securities Exchange Commission that XRP is not a security when offered on exchanges.Xcited to announce $XRP is now readily available for trading on Gemini. pic.twitter.com/E9Xiv8BTo3— Gemini (@Gemini) August 10, 2023

Existing cost of $XRP on @Gemini. Is this a problem?

Other Questions People Ask

What caused XRP to briefly hit $50 on Gemini as users suspect a relisting 'price glitch'?

The spike in XRP's price to $50 on Gemini is believed to be a result of a combination of low liquidity and a thin order book following its relisting. Users reported seeing unusual price fluctuations, which many described as a "rate glitch." Some observers noted that a sell order at $50 may have been placed by mistake, possibly due to a "fat-fingered" market order. This incident highlights the volatility that can occur in crypto markets, especially during periods of low trading volume.

How did the crypto community react to XRP hitting $50 on Gemini?

The crypto community reacted with a mix of confusion and humor when XRP briefly hit $50 on Gemini. Many users took to social media platforms like X (Twitter) to share screenshots of the unusual price, labeling it a "price glitch." Some joked that this spike was merely a projection of where they believe XRP's price could go in the future. Overall, the incident sparked discussions about market behavior and the implications of low liquidity on exchanges.

What steps did Gemini take after the XRP price spike?

Following the unusual price spike of XRP, Gemini announced that it would be conducting full website maintenance to address the issues users were experiencing. They confirmed that all services were temporarily unavailable but assured customers that their assets and funds remained safe. Additionally, Gemini had previously disabled cryptocurrency deposits and withdrawals shortly before the relisting, which may have contributed to the observed price volatility. Updates from Gemini regarding the situation were promised as they worked through the maintenance process.

What does the XRP price glitch on Gemini mean for traders?

The XRP price glitch on Gemini serves as a cautionary tale for traders about the potential risks associated with trading during periods of low liquidity. Such anomalies can lead to significant price discrepancies that may not reflect the actual market value of an asset. Traders should remain vigilant and consider the overall market conditions before making trades, especially on platforms experiencing technical issues. Understanding these dynamics can help traders make more informed decisions in volatile markets.