After the Gemini cryptocurrency exchange relisted Ripple's XRP tokens for deposits and trading, some crypto users have reported that the price of XRP displayed on exchanges exhibited significant instability. On August 11, users on platforms like Twitter shared screenshots that depicted what they referred to as a "price glitch." This glitch apparently caused XRP's displayed price on exchanges to spike above $1, even reaching as high as $50 in some instances. However, current data from CoinGecko reveals that the market price of XRP is around $0.63.
Some experts believe that this price fluctuation could be attributed to the relatively thin order books and low liquidity resulting from the recent listings. Observers noted that such instability might arise from someone placing a substantial sell order at $50, suggesting a possible human error in the execution of a market order. Some took a more humorous approach, joking that this unusual movement could be a prediction of XRP's future price direction.
During this period of turbulence, Gemini announced that it had initiated a full maintenance on its platform as of 1:25 AM UTC on August 11. The exchange stated that all of its services were temporarily unavailable due to the ongoing maintenance. However, Gemini assured its users that their assets and funds remained secure. The exchange also acknowledged that some users were experiencing timeout issues on the spot market.
Gemini had recently permitted the trading of XRP on its platform again on August 10. This decision came after US District Judge Analisa Torres ruled in the case of Ripple v. SEC that XRP is not to be considered a security when traded on an exchange.
