On the Gemini cryptocurrency exchange, XRP’s price experienced a sharp rise, reaching $50 on Thursday evening. This surge momentarily boosted XRP’s total value significantly.
However, the spike was short-lived, with prices stabilizing within minutes. This fluctuation was largely due to the limited availability of XRP tokens on Gemini, following its recent relisting. It’s believed that a large purchase order might have caused this sudden increase.
For a brief period, XRP’s price on Gemini was higher than on other exchanges. Some analysts believe a seller may have set an unrealistic price of $50 for XRP, and a buyer inadvertently agreed to it.
When comparing the liquidity on Gemini with that of Binance, another major exchange, it’s evident that price shifts for XRP are more sensitive on Gemini. Specifically, a $37,000 trade can alter the price by 2% on Gemini, while a hefty $2.2 million trade is needed to achieve the same effect on Binance.
The reintroduction of XRP on Gemini followed a court decision that cleared Ripple Labs (the company associated with XRP) of certain accusations. The company had been previously criticized for selling XRP in the U.S. without the necessary approvals.
Currently, XRP is trading at a more consistent rate of 63 cents.