XRP Price Momentarily Shoots to $50 On Gemini Exchange

XRP Price momentarily shoots to $50 on Gemini exchange – users speculate a pricing glitch.

Cameron Winklewoss looks with raised eyebrows, next to the price of XRP shooting up.
Created by Kornelija Poderskytė from DailyCoin
  • 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.

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.

Ripple’s ongoing battle with the SEC intensifies. Here is the latest:

Ripple Prepares Response as SEC Asks for Appeal Permission

Stay updated on how France is preparing for MiCA:

France Prepares for MiCA with Focus on 6 Key Areas

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.