XRP price on Gemini surges to $50 amid suspected glitch

The community drew attention to the unusual price of Ripple’s XRP token on the Gemini exchange — on August 10 the asset briefly jumped above $50 a few hours after relisting.

For a time the coin also continued to swing in the $1 range. Users attributed it to a ‘price glitch’.

Others say the situation was caused by a ‘thin’ order book and low liquidity on the crypto exchange. One observer managed to accidentally push a market order at $50.

The trading platform later went down for maintenance. Some users also faced time-out issues on the spot markets.

Earlier, Gemini announced that on August 10 it would return XRP to the platform.

The company made this decision following court ruling of July 13. According to the document, selling XRP directly to institutional investors violated the Commission’s rules, while offers to retail investors on exchanges did not. The coin’s price then surged from $0.47 to $0.81.

As of writing, the asset is trading at $0.63. Over the past 24 hours the coin has risen 0.25%, according to CoinGecko.

Earlier, the chair of the U.S. Securities and Exchange Commission, Gary Gensler said, that the agency was ‘disappointed’ with the decision regarding retail investors, but ‘quite’ satisfied with the verdict on institutional sales.

The regulator promised to appeal the partial defeat in the Ripple case.

As noted, former SEC attorney John Reed Stark called the court ruling in the Ripple case ‘fragile’. He did not rule out that the agency would file an appeal, and that a higher court might overturn the previous decisions.

Subsequently, Deaton Law Firm founder John Deatonexplained the community’s dissatisfaction with the slow growth of XRP as being due to inflated expectations.