The price of XRP on the leading US-based cryptocurrency exchange Gemini reached $50 yesterday. This immediate surge came right after the Gemini exchange listed XRP and the price returned to normal within seconds. The reason for this sudden price jump is unknown. Some users claimed that there was a glitch in the system of the exchange.
The screenshot below taken from the exchange interface shows the jump in XRP price. XRP was at $50 on Gemini at the time, well above the average market price of $0.63. Considering there are 52 billion XRP in circulation, a price of $50 equates to a market capitalization of roughly $2.6 trillion.
Following Ripple’s victory in a 2.5-year-long lawsuit against the SEC, several exchanges have decided to re-list XRP. The exchanges in question delisted the cryptocurrency shortly after the lawsuit was filed in December 2020. In the US, Coinbase listed it before major exchanges, and XRP trading began weeks later on Gemini. The re-listing of XRP on exchanges also led to an increase in trading volume. On the other hand, the price was increased by $0.94 with the judge ruling that the sale of XRP on exchanges does not qualify as an investment contract. XRP, which has since lost its value, finds buyers at an average of $0.63.
By the way, Gemini, which listed XRP the previous day, is celebrating it with campaigns. The exchange has launched an “XRP Faucet” promotion that gives away 4000 XRP every day and is open to all US users.