Imagine logging in to a crypto exchange and seeing a popular cryptocurrency increase by more than 10 times its normal value.
That's just what happened to XRP when the price skyrocketed to about $50. Increasing this amount is a record, but sadly, it was an error, so it does not count.
Apparently, the Gemini crypto exchange relisted XRP after their famous SEC ruling at the law court. However, an error occurred in XRP's price charts due to the low liquidity the exchange suffered from.
The occurrence happened at 11:30 p.m. Thursday, when the price of XRP on Gemini Crypto Exchange increased to approximately $50 per token. This surprised many crypto traders who were trading at that point. But upon checking on other exchanges, they discovered that it was a glitch coming from Gemini. It didn't even take long for corrections to take place.
How Did the Change in Price Happen?
After being listed again in Gemini, it appeared that traders would soon jump on the Ripple token to trade. In other words, poor liquidity after the token appeared on the Gemini exchange made the error happen. A trader placed an order of around $37,000, making the newly listed token go haywire.
Apparently, incidents like this happening have to do with the size of the exchange. Gemini is relatively smaller than bigger exchanges in the United States, such as Binance.US and Coinbase. So when a buy order as small as $37k was made, it was enough to cause the error on Gemini. Assuming it was other bigger exchanges like Binance.US, it would take transactions worth millions for such an occurrence to happen.
SEC and Ripple Lawsuit Update
The SEC and Ripple lawsuits continue to rage on. After Ripple received a favorable ruling at the law court, the Securities and Exchange Commission decided to pursue an appeal. Apparently, the SEC wants the law court to reconsider their decision on 13th July. The SEC is calling for what is called "Interlocutory review."
"Interlocutory review is warranted here. These two issues involve controlling questions of law on which there is substantial ground for differences of opinion, as reflected by an intra-district split that has already developed," SEC said in their new filing.
XRP Price Update
The market situation of XRP is between bulls and bears. Although the price charts for the past 24 hours are still red, the cryptocurrency is recovering.
Since XRP was declared a non-security by the law court, the crypto token has increased massively in price. But it has been going downhill since then. However, it has been able to balance bearish and bullish trends. Although it is down by about 0.27 per cent at the time of writing, other metrics look good.
XRP's weekly chart indicates less than a 0.5% decline; the monthly chart is just slightly above a negative 15%. However, over the past 60 days, XRP has been on fire, marking an incredible 34% increase.
As said, the XRP price chart is a battle between bearish and bullish sides. Although its current trajectory is slightly bearish, early investors are still on reasonable profits.