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Gemini, a cryptocurrency exchange, announced that it has relisted Ripple’s XRP on August 10th, delivering the anticipated good news for the leading altcoin. While providing access to API/FIX and ActiveTrader applications for trading XRP/USD, the cryptocurrency exchange listed XRP again by giving approval to the XRP Ledger Blockchain. Surprisingly, the price of the altcoin increased and went beyond 7,800% of its expected value.
XRP Price Reaches $50
Following Gemini’s listing of XRP, the price of the altcoin soared to much higher levels than its actual trading value. A few hours after the cryptocurrency exchange listed XRP, the price of the altcoin reached $50. The issue of abnormal price movement seems to be resolved as XRP is currently trading at around $0.63 at the time of writing this article.
While some users try to find the reason behind this price issue, it is claimed that the insufficient order book density and limited liquidity due to the new listing might be the cause. Others pointed out that the price of XRP reaching $50 can be explained by a seller placing a sell order at $50 and a buyer mistakenly placing a buy order at the same price.
Gemini Exchange Under Maintenance
Although Gemini has not made an official statement regarding this matter, the cryptocurrency exchange was put under maintenance at 04:25 today. In the maintenance announcement made by the cryptocurrency exchange, it was stated, “We are currently performing maintenance on the Gemini platform, and therefore all services are currently unavailable. All customers’ assets and funds continue to remain secure. We will provide information here when we have more details to share.”
At the time of writing, XRP continues to trade around $0.63 with a market capitalization of $33.5 billion. After the partial favorable decision of the court in the SEC-Ripple case, XRP rapidly rose but now seems to be waiting for another catalyst for an upward movement.
While investors may expect XRP to reach $1, experts argue that it is impossible as long as the largest cryptocurrency, Bitcoin, consolidates below $30,000.
