The price of XRP briefly skyrocketed on the US-based crypto exchange Gemini, reaching an astonishing $50 per token shortly after its listing. While the surge raised speculation among XRP enthusiasts, it seems to have been a glitch or technical anomaly rather than an accurate reflection of the market.
XRP Road to $50 Only on Gemini: Hillarious
Gemini, a reputable US-based exchange, recently made headlines by announcing the listing of XRP for the first time. This move came nearly a month after the Ripple vs. SEC ruling, which brought some level of legal clarity to the status of XRP.
@Gemini charging $50 per XRP….. wgat are they buying it for? I’ve got a few I’ll let go of for $50 per 😅😅😅😅😅 @BlackberryXRP @digitalassetbuy @cryptolewlew @AlexCobb_ @thebearablebull @egragcrypto pic.twitter.com/DO2luRqBMD
— Bawdric Chukkar (@Cbukur1) August 10, 2023
Read Also: XRP Price Crashes to Zero on Poloniex Exchange. What happened? Details
Prompted by the news of the listing, XRP investors eagerly flocked to Gemini to make deposits and engage in trading activities.
During this period of increased activity, a surprising price surge took place. Users reported that XRP briefly reached a staggering $50 per token on the exchange.
Screenshots of the order book and market page revealed the unbelievable price jump, amounting to a 7,836% increase from XRP’s average market price at that time.
Yassin Mobarak, a prominent figure within the XRP community, also documented the abrupt market movement, capturing an image showing XRP priced at $1.10 on Gemini.
the order book is very thin, i have been watching all day, at one point there was nothing for sale, someone put a lot to sell at $50.00 and someone must have fat fingered a market order and then they were the proud owner of $50 XRP, this was from a few hours ago pic.twitter.com/W5AoG2eV0r
— John S (@lifebythedrop63) August 11, 2023
Read Also: Based On Historical Data, Analyst Predicts 634x Surge in XRP Price. Here’s the Timeline
The Glitch Unraveled
While some initial speculation suggested a glitch within the Gemini platform, further analysis shed light on a possible cause.
It appears that the limited number of XRP orders on Gemini’s order book, due to the exchange’s delayed entry to XRP trading, played a role in this unexpected event.
According to an XRP supporter who closely observed Gemini’s XRP order book, there was a point where there were no sell orders for XRP on Coinbase, another popular exchange. Seizing this opportunity, an individual placed a large sell order at $50 per XRP.
The situation took an unintended turn when another trader, who intended to place a limit order, accidentally executed a market order. This resulted in the automatic fulfillment of the order at the exceptional price of $50, exacerbating the apparent surge.
While some investors may have viewed this as an opportunity for arbitrage trading, Gemini experienced a temporary downtime shortly after the glitch, preventing further transactions. The platform is now back in operation.
Read Also: Google Bard Was Asked to Predict XRP Prices for 2023, 2025, and 2030, Here’s What It Said
Retracting to Stability
As of now, the XRP price on Gemini has stabilized, returning to more reasonable levels. The charts corroborate the surge to $50, which occurred around 6 PM (UTC) and represent an all-time high on the exchange.
Despite the momentary excitement and intrigue surrounding XRP’s brief surge, it is crucial to note that it was an isolated incident likely caused by technical factors. Market participants should exercise caution and maintain awareness of the true market price of XRP.
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