In an unexpected twist, Ripple’s XRP, the fifth-largest cryptocurrency, has encountered erratic price fluctuations today on one of the major cryptocurrency exchanges, Gemini.
This occurrence occurred shortly after listing the XRP token on the Gemini exchange for deposits and trading.
Consequently, this situation conveyed the perception that the XRP price on an exchange had surpassed $1 on several instances, and at a specific juncture, it had even surged to an impressive $50.
The ripple effect of this peculiar price fluctuation in Ripple’s XRP token reverberated across the cryptocurrency market. In a swift response, numerous crypto community members took to Twitter on August 11th to share screenshots.
Beyond the trading value observed on the Gemini exchange, the price of XRP on various other cryptocurrency exchanges maintains its stability and accuracy, resting at the $0.635 threshold, according to data sourced from CoinMarketCap.
On a different note, certain analysts propose that this occurrence could potentially stem from a thin order book and limited liquidity, possibly attributed to the recent listing on the exchange.
Notably, a keen observer recounted witnessing an individual input a sell order at $50, speculating that this anomaly might have been caused by an inadvertent “fat-fingered” execution of a market order at that value.
As per the official statement released by Gemini Exchange, effective from August 11th at 1:25 am UTC, the platform has initiated comprehensive site maintenance.
The announcement reads, “We are currently performing maintenance on the Gemini platform, and so all services are currently unavailable. All customers’ assets and funds remain secure. We will provide updates here once we have more information to share.”
Also Read: Ripple Joins BIS Task Force for Cross-Border Payments
