Crypto enthusiasts were met with a surprising twist in the world of Ripple’s XRP as the digital asset experienced unusual price fluctuations on the Gemini exchange.
Just hours after its triumphant relisting for deposits and trading, XRP’s value on the platform displayed erratic behavior that left the community both puzzled and intrigued.
On August 11, crypto aficionados took to Twitter to share screenshots of an XRP price rollercoaster on Gemini.
Reports of XRP’s value surpassing $1 and even skyrocketing to $50 on a single occasion have fueled speculations about a possible “price glitch.”
While some individuals humorously interpreted this as a bold forecast of XRP’s future trajectory, others dove deeper into the technicalities.
Seasoned observers in the crypto space have postulated that the unusual price behavior might be attributed to the recently reinstated listing of XRP on Gemini.
With a thin order book and potentially low liquidity stemming from the reentry, some suggest that these erratic price movements are an outcome of market dynamics rather than a glitch.
Notably, an onlooker shared an instance of a significant sell order being placed at $50, hinting at the possibility of a “fat-finger” incident – a common phenomenon in financial markets where an accidental large trade occurs.
Amidst the XRP price frenzy, Gemini took decisive action by placing its platform under full site maintenance. In an official statement, Gemini assured users that all assets and funds remain secure during this period.
The exchange acknowledged timeout issues on its spot markets and promised timely updates as more information becomes available.
This move to address potential technical issues underscores the exchange’s commitment to ensuring a seamless trading experience.