XRP’s Volatile Price Swings on Gemini After Relisting: Crypto Chaos Unleashed
Crypto News – After being relisted on the Gemini crypto exchange, Ripple’s XRP token has witnessed significant and erratic price swings. Users in the crypto community reported encountering unusual price behavior for XRP on the exchange shortly after trading and deposits resumed.
Numerous individuals shared screenshots on Twitter on August 11, revealing what many have labeled a ‘price glitch.’ This glitch has caused XRP’s displayed price on the exchange to surge past $1 multiple times, with one instance even showing a spike to $50. In contrast, the current actual market price of XRP is $0.63, as reported by the crypto tracking platform CoinGecko.
Experts propose that this situation could be attributed to a thinly populated order book and low liquidity due to the recent relisting. A keen observer noted witnessing an attempt to sell at $50, speculating that an accidental ‘fat-fingered’ market order at that price might be the cause.
Some participants in the community humorously remarked that the distorted prices might merely represent a glimpse into XRP’s future value.
As of August 11, at 1:25 am UTC, Gemini announced a comprehensive site maintenance procedure. During this time, all services were inaccessible. Gemini reassured its users that their assets and funds were secure and promised updates regarding the situation.
Additionally, reports surfaced about users encountering timeout issues on the platform’s spot markets.
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