- XRP price shoots up unexpectedly hours after listing.
- The price surge happened on the Gemini exchange only.
- Gemini announces impending maintenance.
Many crypto users on the X (formerly Twitter) social platform have reported seeing off-center prices of XRP on the Gemini exchange moments after the token was relisted. The token’s price shot to as high as $50, with the market cap momentarily clocking to trillions of dollars.
The dramatic price surge came a day after the SEC announced its decision to pursue an appeal against the result of a significant recent XRP legal battle with the U.S. Securities and Exchange Commission (SEC), where the court ruled that cryptocurrency tokens are not considered securities.
A Price Glitch?
As speculations filled the internet about why the price had soared, experts quickly dismissed a massive buying spree or cardinal change in the token’s value as the catapulting factor. This is because XRP traded at a normal price range of below $1 on other crypto exchanges.
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A keen look into the comments of some Gemini exchange users suggested that the “surge” was a result of a price glitch emanating from low liquidity and a thin order book.
Another reason could be a price glitch technicality, which can happen in the nascent and evolving crypto trading landscape. Back in 2021, a programming failure was thought to be among the reasons behind CoinMarketCap’s price glitch that saw the price of a single Ethereum coin snowball to over $75 billion.
Gemini Announces Site Maintenance
While Gemini did not directly comment on the price glitch issue, the exchange announced full site maintenance starting August 11, 1:25 am UTC. The company promised to announce to its users when the platform will be up again.
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