Did XRP Price Really Hit $50 On Gemini Exchange

On August 10, the price of XRP inexplicably spiked for a short spell on the Gemini exchange. For that brief moment, the token cost an astounding $50 per coin, until returning quickly to the regular rate on spot markets from other trading platforms.

According to several posts on social network X (formerly known as Twitter), Gemini experienced a technical hitch that produced a misleading rate of $50 for XRP. During that brief episode, the coin was changing hands, at around only $0.63. This deflation pointing to the fact that Gemini‘s order book was very thin after the recent resetting trader base for XRP on its spot markets.

On social portals, screenshots circulated showing that token’s price on the trading platform overreaching $1 multiple times. Nevertheless, the exchange updated its chart in a way that puts the cryptocurrency peak at $1.50. This short-lived jump, that required modification within seconds, possible due to unbeseeming liquidity. Ali Martinez, a crypto trading authority, reported that liquidity was so shallow that a command for $37,000was clear sufficient to stimulate XRPprices thus by 2%, on the exchange. Another familiar view noted that an enthusiast inadvertently set a sell command forquite a bulk of tokens at $50, thereby leaping up the quotation on Gemini.

A swift surge of that size is highly unlikely without any relevant news or development driving enthusiasm within XRP. Anyway, up to the time of writing, the exchange broadcasted completion on full network putunder maintenance.

As of the tight of writing, XRP is trading value $0.6311, endorsing appreciation of 33.09% within a period of one month. Despite the originally occasioned delight of community members emhoramsed to Gemini‘s setback, the area of the Ripple. Ecosysten severely requires more effort before XRP can bottom out at $50. in the shallow markets

Robert Wilson author
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