Someone Bought XRP for $50 Each on Gemini Upon Relisting

XRP’s Historic Milestones: Awakening the Sleeping Giant
  1. XRP got relisted on Gemini yesterday, with the cryptocurrency experiencing absurd price swings.
  2. At one moment, XRP was valued at $1.66, with one trader actually buying XRP for $50 each.
  3. The resurgence of XRP on Gemini followed a court decision favoring Ripple Labs in July

XRP experienced a momentary surge to an astonishing $50 on the Gemini exchange, propelling its market capitalization into the realm of trillions of dollars. This remarkable upswing, however, was short-lived, lasting just a few minutes, and occurred possibly by mistake of another trader. 

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Almost as swiftly as it soared, the price retracted to align with spot market rates observed on other prominent exchanges. Someone took note of the absurd surge of XRP to at least $1.66 before the $50 anomaly.

Analysts swiftly pinpointed the anomaly’s cause: the aftermath of XRP’s relisting on Gemini. During the hours of relatively low liquidity following the relisting, an opportunistic buyer appears to have executed a disproportionately large market order, momentarily skewing the price to extraordinary heights. 

This phenomenon, often associated with trading mishaps, has led some experts to speculate that a buyer inadvertently fulfilled a spoof order at the $50 price point, a trade potentially triggered by a “fat-fingered” error.

Detailed market data illustrates the fragile liquidity of XRP on the Gemini platform. A mere $37,000 order had the power to propel prices by 2%, a scenario vastly distinct from larger exchanges such as Binance, where a comparable price shift necessitates a staggering $2.2 million.

The resurgence of XRP on Gemini followed a court decision favoring Ripple Labs in July. The court ruling clarified that the trading of XRP on digital asset exchanges did not constitute the sales of investment contracts, dispelling prior allegations that Ripple Labs had unlawfully distributed XRP as a security to US customers without complying with proper registration regulations set forth by the US Securities and Exchange Commission (SEC).

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