XRP Briefly Hits $50 on Gemini But Users Suspect "Price Manipulation"

XRP Briefly Hits $50 on Gemini But Users Suspect “Price Manipulation”

Crypto users have reported seeing prices “Party” for Ripple’s XRP (XRP) token on the Gemini crypto exchange, hours after the latter re-listed the token on its deposit and trading platform.

On August 11, several members of the crypto community on X (Twitter) posted screenshots of what they described as “price manipulation”Where this was seen on Gemini The price of XRP rose above $1 several times, even reaching $50 at one point.

that great exchange @Gemini He had a problem.

50$ per #XRP, pic.twitter.com/UBEWN7Rv7j

— Jackd Ripple ©️ (@RippleXrpie) 10 August 2023

However, according to CoinGecko, The current market price of XRP is $0.63,

Very good. current price of $xrp Are @Gemini, Is this an anomaly? pic.twitter.com/Nbzro1ahlW

— Yassin Mobarak (@Dizer_YM) 11 August 2023

Some experts suggest that this may be the result of Small order book and low liquidity, Looking at the recent listings. a supervisor, in particular, He said he saw a sell order at $50adding that one might accidentally have “clicked with thumbs” A market order at that price:

Yes indeed I have seen someone asking why XRP is priced at $50 per token on Gemini.

— A/A (@AaverAllar) 11 August 2023

Others jokingly commented that it was just a prediction of which direction the XRP price would go in the future.

Site Maintenance Announced

Meanwhile, Gemini announced that it has put its platform under full maintenance. Starting on August 11, 1:25 UTC.

“We are undergoing maintenance on the Gemini platform and therefore all services are currently unavailable. All customer assets and funds are safe. We will provide an update when we have more information to share.”

Furthermore, it has been reported that some users have encountered Timeout problems on spot markets.

On August 10 at 10:45 UTC, Gemini announced that it had disabled cryptocurrency deposits and withdrawals. Source: Gemini

On August 10, Gemini announced that it had made XRP available for trading again.

then comes the news analyzes towersA US District Court judge has ruled in Ripple’s lawsuit against the Securities Exchange Commission that XRP is not a security when sold on exchanges.

we are pleased to announce that $xrp Now available for trading on Gemini. pic.twitter.com/E9Xiv8BTo3

– Gemini (@Gemini) 10 August 2023

Cointelegraph reached out to Gemini for comment but did not receive an immediate response.

Translation by Matteo Caron





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