XRP price glitched to $50 on Gemini just after the exchange added support for the Ripple blockchain yesterday. The temporary surge saw XRP’s market cap reach trillions of dollars before returning to normalcy.
On Thursday, Gemini announced that it had relisted XRP Ledger on its platform, the thirteenth blockchain the exchange now supports. XRP will be available for deposits, withdrawals, and trading on its platform on the USD, GBP, HKD, EUR, SGD, CAD, and AUD pairs on its website, Gemini stated in a blog post.
XRP at $50
Following the spooky move to $50 by XRP on Gemini, several users took to X (formerly called Twitter) to discuss the movement.
“Major exchange @Gemini had a glitch. $50 per #XRP!”
A user tweeted, sharing a screenshot.
Another set of observers stated that the price movement might result from thin block orders and low liquidity in the exchange. Hence, if a buyer places an outsized market order, it could cause a disparity in price with the broader market.
One user also stated that someone might have benefited from the price surge as he placed a sell order at $50 on the exchange. The observer suggested that the glitch might have produced enormous returns for the trader who “fat-fingered” the market order.
However, XRP has returned to the same spot price on other exchanges and was trading at $0.63 at press time.
Back to Limelight
Since Ripple Labs’ partial victory over the Securities and Exchange Commission (SEC), XRP Ledge has seen massive support from exchanges. A court last month declared that XRP is not a security when sold to retail traders.
Although the SEC has stated that it will appeal the pronouncement, XRP has basked pretty well in its victory; several exchanges have relisted the token, and its price has faired well. Gemini has become one of the many top exchanges that have supported XRP Ledger since the ruling, with the likes of Coinbase, Crypto.com, and Kraken relisting the token.
