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 to $50 for XRP on Gemini appears to be linked to a combination of low liquidity and a thin order book following its relisting for trading. Users reported seeing unusual price fluctuations, with some suggesting that a "fat-fingered" market order may have triggered the extreme price point. This incident has raised questions about the reliability of pricing on the exchange during such volatile moments.

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

Many in the crypto community took to social media, particularly X (Twitter), to share screenshots and express their disbelief at XRP's brief surge to $50. Some users humorously speculated that this price might reflect future expectations rather than current market conditions. Others pointed out the potential for errors in trading, highlighting the need for caution when interpreting such anomalies.

What measures is Gemini taking following the XRP price glitch?

In response to the unusual trading activity, Gemini announced that it was conducting full website maintenance, which temporarily disabled all services. They reassured users that their assets and funds remain safe during this period. Additionally, the exchange had previously disabled cryptocurrency deposits and withdrawals, indicating a proactive approach to managing the situation.

What implications does the XRP price glitch have for traders on Gemini?

The brief spike in XRP's price raises concerns about the reliability of trading platforms during periods of low liquidity. Traders should be cautious and verify prices before executing orders, especially in volatile markets. This incident serves as a reminder of the importance of understanding market dynamics and the potential for unexpected price movements on exchanges.

What was the context behind XRP's relisting on Gemini before the price glitch?

XRP was relisted on Gemini shortly after a significant legal ruling by U.S. District Court Judge Analisa Torres, which determined that XRP is not a security when sold on exchanges. This decision likely contributed to increased interest in trading XRP, but the subsequent price glitch highlighted potential vulnerabilities in the exchange's trading environment. The relisting was seen as a positive development for XRP, but it also underscored the need for robust trading mechanisms to handle sudden price changes.