Gemini Witnesses Roller-Coaster Ride of XRP Value Post Relisting
Amid its return to the trading floor of Gemini, XRP’s valuation has been undergoing wild oscillations, leaving cryptocurrency enthusiasts puzzled.
Shortly after making a comeback on the Gemini cryptocurrency exchange, Ripple’s XRP token saw its valuation of $0.63 display erratic behavior. Reports began emerging about peculiar price movements on the platform just hours after the token’s relisting, suggesting potential issues.
Numerous members of the crypto community, active on platforms like Twitter, shared screenshots that captured what many are dubbing a “price anomaly.” The glitch manifested as periodic surges in XRP’s price on the exchange, at times even soaring to an astonishing $50.
However, it’s essential to note that the actual market price for XRP hovers at a steady $0.63, a fact corroborated by CoinGecko, a prominent cryptocurrency tracking website.
Industry observers have ventured various explanations, with some attributing the curious phenomenon to a thin order book coupled with low liquidity — plausible consequences of the recent relisting. A keen observer noted a peculiar sell order at the extravagant price of $50, suggesting that a possible “fat-finger” mishap could have triggered a market order at that value.
Tongue-in-cheek comments also surfaced, suggesting that this anomaly might humorously hint at a future valuation for XRP.
Temporary Suspension Amidst Mysteries
Adding to the intrigue, on August 11, at 1:25 am UTC, Gemini declared a full site maintenance mode. The exchange temporarily suspended its services, including spot markets, and reassured users that their assets and funds remained secure during this period. The statement indicated that updates would be shared once more information became available.
Furthermore, reports emerged that certain users had encountered timeout issues on the spot markets, further fueling speculation about the platform’s stability.
Gemini’s decision to reinstate XRP for trading on August 10 followed a significant development in the Ripple saga. The United States District Court Judge Analisa Torres ruled that XRP did not qualify as a security when sold on exchanges, providing a legal boost to Ripple’s ongoing battle against the Securities Exchange Commission.
In the aftermath of the XRP relisting and the subsequent price fluctuations, the crypto community remains attentive to any additional developments that might shed light on this perplexing situation.