XRP briefly hits $50 on Gemini as users suspect relisting 'price glitch'

XRP has been wildly fluctuating on the Gemini crypto exchange after its relisting.

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Crypto users have reported seeing “wonky” prices for Ripple’s XRP (XRP) token on the Gemini crypto exchange hours after it relisted the token on its platform for deposits and trading.

Several crypto community members on X (Twitter) on Aug. 11 posted screenshots of what many have described as a “price glitch” that has seen XRP’s displayed price on the exchange rise above $1 a number of times and even spiking to $50 on one occasion.

Major exchange @Gemini had a glitch.

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

— JackTheRippler ©️ (@RippleXrpie) August 10, 2023

However, the current market price for XRP is $0.63, according to the crypto tracking website CoinGecko.

Wow. Current price of $XRP on @Gemini. Is this a glitch? pic.twitter.com/Nbzro1ahlW

— Yassin Mobarak (@Dizer_YM) August 11, 2023

However, some observers suggest it may be the result of a thin order book and low liquidity, given the recent listing. One onlooker, in particular, said they saw someone place a sell order at $50, adding that someone may have accidentally “fat-fingered” a market order at that price:

Yeah I actually saw someone asking why XRP costs 50$ per token on gemini.

— A/A (@AaverAllar) August 11, 2023

While others jokingly commented it was merely a forecast of where the XRP price will go in the future.

Site maintenance announced

Meanwhile, as of Aug. 11, 1:25 am UTC, Gemini announced it has put its platform into full site maintenance.

“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.”

It also reported some users were seeing timeout issues on spot markets.

*Gemini also noted it had disabled cryptocurrency deposits and withdrawals on Aug. 10, 10:45 am UTC. Source: Gemini*

Gemini announced it had made XRP available again for trading on the crypto exchange on Aug. 10.

It comes after United States District Court Judge Analisa Torres ruled in the Ripple’s case against the Securities Exchange Commission that XRP is not a security when sold on exchanges.