For crypto enthusiasts, Thursday, August 10th, marked a day of anticipation met with curiosity. After a long wait, Gemini, a leading crypto exchange, finally relisted the XRP token. But as often is the case with the cryptoverse, not everything was as straightforward as it seemed.
Gemini’s announcement meant that the XRP Ledger blockchain received its nod of approval. The relisting extended to Gemini’s API/FIX and ActiveTrader applications, enabling trading of XRP/USD pairs. On the surface, it seemed like a win-win for both Gemini and XRP supporters.
Yet, as traders flocked to the platform to take advantage of this move, many were left scratching their heads. Within hours of the relisting, XRP’s price on Gemini skyrocketed to a staggering $50. This figure was worlds apart from XRP’s actual trading value of roughly $0.63. A genuine mystery was afoot.
Major exchange @Gemini had a glitch.
— JackTheRippler ©️ (@RippleXrpie) August 10, 2023
The community jumped into action, trying to solve the riddle of this sudden price inflation. One theory was that since XRP was newly relisted, Gemini’s order book was still in its early stages, possibly leading to skewed prices. This ‘thin order book’ scenario often sees large price swings due to limited trading activity.
Amidst the chatter, a curious observation was shared by a vigilant user. They had spotted a sell order placed at the exact $50 mark. This led to whispers of a potential “fat-finger” mistake, where a trader accidentally places an order at the wrong price.
As the crypto world buzzed with speculation, Gemini chose a more silent route. While they didn’t address the price anomaly directly, a maintenance announcement provided a hint. The exchange noted that it would be undergoing a platform overhaul, assuring users of the safety of their funds in the meantime.
The story doesn’t end with the maintenance, however. As of now, XRP’s price seems to have found its footing around the $0.63 mark. Post its legal win, XRP saw a surge but has since been in a waiting phase. Many in the community are eager, eyeing the coveted $1 price point. Yet, with Bitcoin’s current stability, that climb might be a challenging one.
In summary, Gemini’s recent XRP relisting brought with it excitement, mystery, and a dash of confusion. As the crypto sphere continues its unpredictable dance, all eyes remain on the next move of these market giants.