XRP Hits $50 Milestone on Gemini Due to Price Glitch

Ripple (XRP) skyrocketed to $50 in an instant shortly after being relisted on the Gemini exchange.

XRP Hits $50 Milestone on Gemini Due to Price Glitch

On Twitter, users shared screenshots of XRP experiencing abnormal price movements just hours after Gemini relisted it. Reports described XRP initially fluctuating around $1 several times before peaking at $50 and subsequently correcting to its actual price of $0.63.

Following the unusual surge in XRP's price, Gemini issued a maintenance announcement at 8:25 PM on August 11 (Vietnam time). The exchange reassured users that their assets and funds remained secure.

Additionally, Gemini reported some users experiencing delays in spot market transactions. However, Gemini did not provide further details regarding the incident.

Speculations arose that the incident could be attributed to liquidity issues on the exchange, with some claiming to have witnessed someone placing a sell order at $50 and inadvertently having it filled.

Furthermore, the community did not rule out the possibility of a hacking attempt on the exchange, speculating that the XRP price glitch might be just the beginning.

Updating on the ongoing legal dispute between Ripple and the SEC, following indirect court rulings classifying XRP as not a security in certain contexts, XRP quickly regained momentum. Several exchanges, including Gemini, Binance.US, and Coinbase, have since relisted XRP.

However, less than a month after celebrating these relistings, the SEC indicated plans to appeal the court's decision. Ripple has until August 16 to comment on the SEC's intention to appeal before the SEC officially files its appeal on August 18.