A few market experts mentioned that a small number of buy and sell orders, along with not many people trading XRP on Gemini, might be why its price changed so much.
On August 10, the Gemini cryptocurrency exchange reopened XRP trading after a pause. They now support the XRP Ledger and allow people to trade XRP/USD using their applications.
But, there’s a problem: the XRP price on Gemini looks much higher than what people are actually paying. Some users even said the price went up to $50 just a few hours after XRP was added back for trading.
Major exchange @Gemini had a glitch.
$50 per #XRP! 👀 pic.twitter.com/UBEWN7Rv7j
— JackTheRippler ©️ (@RippleXrpie) August 10, 2023
As of writing this story, a technical problem continues to affect the XRP price on Gemini. It’s currently being traded at $0.160, but the real price of XRP is around $0.63.
Courtesy: Gemini
Certain users attempted to figure out why the price glitch happened. Some experts said it might be because not many people were buying and selling XRP on the exchange, making it hard to find a fair price. They also mentioned that since XRP was recently added for trading, there might not be enough people interested yet. One person even saw someone accidentally put up a sell order at $50, thinking it could have been a mistake.
Gemini Exchange undergoing maintenance
Gemini hasn’t explained the situation yet, but they mentioned on their website that the exchange is undergoing maintenance since August 11 at 1:25 am UTC.
During this time, all services are unavailable, but customer assets are secure. The XRP price remains around $0.63 with a market cap of $33.5 billion.
After the excitement following the XRP lawsuit outcome, the price hasn’t seen much change and needs a new reason to go up. XRP investors are hoping for $1, but it’s hard while Bitcoin is stable.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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