Gemini ‘razor-thin’ liquidity pushes XRP price to momentarily hit $50 Gemini ‘razor-thin’ liquidity pushes XRP price to momentarily hit $50
On Aug. 10, Gemini relisted XRP token and enabled support for the XRP Ledger blockchain network.
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Updated: Aug. 11, 2023 at 11:09 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
A price glitch on Gemini saw the value of Ripple’s XRP rise above $1 on Aug. 10 after the crypto exchange relisted the digital asset, according to data from the exchange.
Numerous cryptocurrency traders on the X social media platform, formerly known as Twitter, independently verified that the XRP token’s value peaked at $50 on the crypto exchange.
Market observers tied this sudden price movement to the exchange’s low market liquidity, and some fat-finger order errors. One user described Gemini’s order book as “razor-thin,” with one seller listing over 1,300 XRP for sale at $50.
Data from Coingecko further corroborates this liquidity situation, showing that XRP’s +2 market depth was lesser than $50,000 as of press time. Additionally, XRP’s total trading volume on the exchange during the last 24 hours was only $484,712.
Meanwhile, XRP’s price on Gemini has returned to parity with other crypto platforms, trading at $0.63 as of press time.
Since the court ruled that the programmatic sale of XRP does not constitute a security, several U.S.-based exchanges have relisted the token, with Gemini joining the trend on Aug. 10.
The crypto platform further added support for the XRP Ledger (XRPL) blockchain network, describing its move as “an important step on our mission to unlock the next era of financial, creative, and personal freedom.”
However, the Securities and Exchange Commission (SEC) has revealed its intention to appeal the ruling. The financial regulator recently informed the Court of its plan to file a motion for an interlocutory appeal.
Ripple said it would respond to the motion next week and has continued to assure its community that it would fight the appeal. But the renewed uncertainty about XRP’s future has resulted in its value dropping 5% over the past week, according to CryptoSlate’s data.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.