{"id":28111,"date":"2023-08-11T18:53:39","date_gmt":"2023-08-11T22:53:39","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28111"},"modified":"2023-08-11T18:53:39","modified_gmt":"2023-08-11T22:53:39","slug":"did-xrp-price-really-hit-50-on-gemini-exchange","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/11\/did-xrp-price-really-hit-50-on-gemini-exchange\/","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.<\/p>\n

Brief Price Surge On Gemini<\/h2>\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<\/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\u2019s price on the exchange rising above $1 several times. However, the exchange has since updated its chart to make it look like the cryptocurrency only spiked to $1.50.<\/p>\n\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%.<\/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. <\/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>\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<\/p>\n

Following this, as of the time of writing, the exchange has announced it has put its platform into full site maintenance.<\/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>\n

<\/h2>\n

Relisting XRP<\/h2>\n

Gemini is the latest exchange to relist XRP after Ripple\u2019s 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<\/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.<\/p>\n

Other crypto exchanges that have also moved to relist the token since the ruling include Coinbase, Kraken, and Bitstamp<\/a>.<\/p>\n

At the time of writing, XRP is trading at $0.6311, up by 33.09% in the past month. Despite the initial euphoria community members may have experienced due to the Gemini glitch, the Ripple ecosystem still has a long way to go before XRP can actually hit $50 on the open market.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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.<\/p>\n

Brief Price Surge On Gemini<\/h2>\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<\/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\u2019s price on the exchange rising above $1 several times. However, the exchange has since updated its chart to make it look like the cryptocurrency only spiked to $1.50.<\/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%.<\/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. <\/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>\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<\/p>\n

Following this, as of the time of writing, the exchange has announced it has put its platform into full site maintenance.<\/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>\n

<\/h2>\n

Relisting XRP<\/h2>\n

Gemini is the latest exchange to relist XRP after Ripple\u2019s 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<\/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.<\/p>\n

Other crypto exchanges that have also moved to relist the token since the ruling include Coinbase, Kraken, and Bitstamp<\/a>.<\/p>\n

At the time of writing, XRP is trading at $0.6311, up by 33.09% in the past month. Despite the initial euphoria community members may have experienced due to the Gemini glitch, the Ripple ecosystem still has a long way to go before XRP can actually hit $50 on the open market.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28111","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28111"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28111\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28111"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}