XRP briefly hits $50 on Gemini as users suspect relisting 'price glitch'
Crypto users have reported seeing “wonky” prices for Ripple’s XRP (XRP) token on the Gemini crypto exchange hours after it relisted the token on its platform for deposits and trading.
Several crypto community members on X (Twitter) on Aug. 11 posted screenshots of what many have described as a "price glitch" that has seen XRP’s displayed price on the exchange rise above $1 a number of times and even spiking to $50 on one occasion.
Major exchange @Gemini had a glitch. $50 per #XRP! pic.twitter.com/UBEWN7Rv7j
However, the current market price for XRP is $0.63, according to the crypto tracking website CoinGecko.
Wow. Current price of $XRP on @Gemini. Is this a glitch? pic.twitter.com/Nbzro1ahlW
However, some observers suggest it may be the result of a thin order book and low liquidity, given the recent listing. One onlooker, in particular, said they saw someone place a sell order at $50, adding that someone may have accidentally "fat-fingered" a market order at that price:
Yeah I actually saw someone asking why XRP costs 50$ per token on gemini.
While others jokingly commented it was merely a forecast of where the XRP price will go in the future.
Meanwhile, as of Aug. 11, 1:25 am UTC, Gemini announced it has put its platform into full site maintenance.
It also reported some users were seeing timeout issues on spot markets.
Related: Digital Currency Group files motion to dismiss Gemini lawsuit, claiming it’s a PR campaign
Gemini announced it had made XRP available again for trading on the crypto exchange on Aug. 10.
It comes after United States District Court Judge Analisa Torres ruled in the Ripple’s case against the Securities Exchange Commission that XRP is not a security when sold on exchanges.
Xcited to announce $XRP
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