Ripple: XRP jumps to $50 in the near term

Glitch on Gemini: After relisting XRP on Gemini, the price briefly jumped to US$50. Here's what's behind it.

On Aug. 10, U.S. crypto exchange Gemini relaunched Ripple on its trading platform. A few hours after the relaunch on the exchange run by the Winklevoss brothers, an error occurred: the price of XRP jumped to US$50, as crypto exchange users reported. In reality, at the time of writing, XRP is trading at a rate of 0.63 US cents.

While some users jokingly noted that the XRP price of US$50 could be a prediction for the future, others suspected that the origin of the error lay in the re-listing of the token combined with a "thin order book."

The error could also be due to the fact that one XRP trader placed a sell order at US$50 and another trader accidentally struck at this massively overvalued price.

Meanwhile, Gemini announced maintenance work to: "We are currently conducting maintenance work on the Gemini platform and therefore all services are currently unavailable. All of our clients' assets and funds remain safe. We will provide updates here as soon as we have more information."

As a result of this maintenance work, several Gemini users had experienced timeout problems. Whether these also played a role in the erroneous display of the XRP price is still unclear.

Ripple had won a partial victory in July in its legal battle with the Securities and Exchange Commission (SEC), arguing that only certain XRP sales should be considered securities trading. Read more here: XRP price skyrockets: Ripple wins lawsuit against SEC.

The SEC has since appealed the ruling. More here: SEC appeals XRP ruling.