{"id":546901,"date":"2023-08-11T18:00:55","date_gmt":"2023-08-11T18:00:55","guid":{"rendered":"https:\/\/ktsl888.com\/?p=546901"},"modified":"2024-06-11T08:00:58","modified_gmt":"2024-06-11T08:00:58","slug":"xrp-price-hit-50-on-gemini","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ripple\/xrp-price-hit-50-on-gemini\/","title":{"rendered":"Did XRP Price Really Hit $50 On Gemini Exchange?"},"content":{"rendered":"
On August 10, the price of XRP inexplicably spiked for a brief moment on the Gemini exchange<\/a>. For a moment, the price of XRP reached an astounding $50 per coin before quickly crashing back down to the same level on spot markets on other exchanges.<\/span><\/p>\n According to various posts on social media platform X (formerly known as Twitter), it would seem that Gemini experienced a technical issue that caused the XRP price displayed on their exchange to show an erroneous price of $50. During that time, however, XRP was trading around only $0.63.\u00a0<\/span><\/p>\n It would appear as if Gemini is currently experiencing a thin order book after recently relisting XRP on its spot markets. Users have posted screenshots on social media of the token’s price on the exchange rising above $1 several times. However, the exchange has since <\/span>updated <\/span>its chart to make it look like the cryptocurrency only spiked to $1.50.<\/span><\/p>\n <\/p>\n The bump, which took a few seconds to correct, was likely a result of low liquidity. According to crypto trading expert Ali Martinez, the liquidity was so low that only a $37,000 order was enough to move XRP prices on the exchange by 2%.<\/span><\/p>\n $XRP<\/a> hit $50 on @Gemini<\/a>, but now they have updated their charts to make it seems like #XRP<\/a> hit $1.60. \ud83d\ude05<\/p>\n Still, the market depth on this #crypto<\/a> exchange is very low. Only a $37,000 order is required to move #Ripple<\/a> prices by 2%. pic.twitter.com\/k5u2GV5PnH<\/a><\/p>\n \u2014 Ali (@ali_charts) August 11, 2023<\/a><\/p><\/blockquote>\n Another observer also mentioned that a user had accidentally put up a sell order for a lot of tokens at $50, spiking up the price on Gemini in the process. A price swing of that magnitude seems highly impossible without any major news or event driving widespread interest in XRP.\u00a0<\/span><\/p>\n Following this, as of the time of writing, the exchange has announced it has put its platform into full site maintenance.<\/span><\/p>\n 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<\/a><\/p>\n \u2014 John S (@lifebythedrop63) August 11, 2023<\/a><\/p><\/blockquote>\n Gemini is the latest exchange to relist XRP after Ripple’s partial victory<\/a> in court against the United States Securities and Exchange Commission (SEC). Due to regulatory concerns, the token was initially delisted on various exchanges after the SEC filed a lawsuit against Ripple in 2020.\u00a0<\/span><\/p>\n However, US Judge Analisa Torress ruled<\/a> in July that XRP sales to the general public are not in violation of federal laws, so many of these crypto exchanges have gone ahead to relist XRP on their platforms.<\/span><\/p>\nBrief Price Surge On Gemini<\/h2>\n
Gemini updates XRP chart to reflect $1.50 spike | Source: Gemini<\/a><\/pre>\n
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Token price trending at $0.63 | Source: XRPUSD on Tradingview.com<\/a><\/pre>\n
Relisting XRP<\/h2>\n