The crypto world was taken by surprise when Ripple (XRP) skyrocketed to $50 on Gemini, a prominent cryptocurrency exchange. This unexpected surge swiftly followed the exchange’s declaration of support for XRP Ledger, the technology behind XRP.
Speculation ran wild, with some attributing this dramatic rise to a possible glitch in Gemini’s intricate system. Experts point to various potential causes, from disparities in the order book to technical glitches like latency and user interface errors. However, the price settled back into reality soon after.
Major exchange @Gemini had a glitch.
— JackTheRippler ©️ (@RippleXrpie) August 10, 2023
Before that, some opinions suggest that the scarcity of trade orders and low liquidity, especially after the relisting, might have contributed to this momentary price surge. Some even whimsically attributed it to predicting future XRP price trends.
Crypto Exchanges Welcome Back Ripple (XRP) Amid Legal Victory
Gemini’s announcement of XRP’s listing followed a similar move made by Coinbase, hinting at a shift in sentiment towards this particular digital asset. The tide seems to be turning in favor of Ripple (XRP) after a favorable court ruling in the Ripple vs. SEC case.
Recall that Gemini delisted Ripple (XRP) from its trading options back in December 2020. This decision was prompted by the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against Ripple Labs, the company behind XRP, alleging securities law violations.
Fast forward to July 2023, and a federal judge handed down a pivotal ruling: XRP sold on secondary markets was not legally classified as a security. This legal breakthrough led multiple crypto exchanges, including Gemini, to announce the re-listing of XRP. On July 13, 2023, Gemini officially declared the reintroduction of XRP for deposits and trading.
According to Gemini’s official statement, the exchange expressed its excitement over supporting the XRP Ledger, a move that expands Gemini’s lineup to accommodate 13 blockchain networks.
Gemini’s announcement not only included accepting XRP deposits but also hinted at future trading pairs involving XRP. The exchange urged users to update their apps to access this new feature.
Ripple’s Battle and the SEC’s Countermove
As the dust settles on the price spike, attention shifts to the looming appeal by the U.S. SEC. The regulatory body aims to challenge the recent court decision that favored Ripple Labs, claiming there are significant differences of opinion on legal matters. As reported by Crypto Economy, the SEC’s appeal aims to dispute the notion that XRP sales on public exchanges didn’t breach securities laws.