Crypto users have reported seeing “wonky” prices for Ripple’s 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.
— JackTheRippler ©️ (@RippleXrpie) August 10, 2023
However, the current market price for XRP is $0.63, according to the crypto tracking website CoinGecko.
— 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:
the order book is very thin, i have been watching all day, at one point there was nothing for sale, someone put a lot to sell at $50.00 and someone must have fat fingered a market order and then they were the proud owner of $50 XRP, this was from a few hours ago pic.twitter.com/W5AoG2eV0r
— John S (@lifebythedrop63) 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 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.
— Gemini (@Gemini) August 10, 2023