XRP, the popular cryptocurrency, experienced a jaw-dropping surge on the Gemini crypto exchange. Within hours of its much-awaited relisting on the platform, the XRP price skyrocketed to $50.
According to analysts, this sudden surge was not a result of market forces but rather a suspected price glitch. Crypto users were surprised that the XRP price fluctuating wildly, with reports of prices ranging from $1 to an incredible $50 per token.
Gemini, like many other exchanges, had recently decided to relist XRP following a favorable verdict. Unfortunately, due to a technical glitch on the platform, the price of XRP went haywire, causing confusion and excitement among traders and investors.
According to social media users, the abrupt price increase is thought to be the result of a software error at the top cryptocurrency exchange.
There are many potential causes for XRP’s sudden price increase to $50 on Gemini, from order book imbalances to technical problems like latency and interface faults. Gemini teased the community numerous times before ultimately announcing the listing of XRP on Thursday.
Gemini Launches XRP Deposits and Trading After Ripple Labs Secures Key Legal Win:
Today, the cryptocurrency exchange Gemini introduced support for Ripple (XRP) enabling users to deposit the asset on its platform but not hold it in custody.
According to the New York-based exchange Gemini, introducing support for the blockchain is “an important step on our mission to unlock the next era of financial, creative, and personal freedom.”