XRP Briefly Hits $50 on Gemini as Users Suspect Relisting “Price Glitch”

XRP fluctuated wildly on crypto exchange Gemini after it went back on sale.

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Crypto users have reported seeing "fake" prices for Ripple's XRP (XRP) token on crypto exchange Gemini hours after it relisted the token on its platform for deposits and exchanges .

Several members of the crypto community on X (Twitter) on August 11 posted screenshots of what many described as a “pricing issue” which saw the listed price of XRP on the exchange rise above $1 on several occasions and even reaching $50 on one occasion.

Major exchange @Gemini encountered a problem.

$50 per #XRP! pic.twitter.com/UBEWN7Rv7j

— JackTheRippler©️ (@RippleXrpie) August 10, 2023

However, the current market price for XRP is $0.63, according to crypto tracking website CoinGecko.

Wow. Current price of $XRP on @Gemini. Is it a problem? pic.twitter.com/Nbzro1ahlW

— Yassin Mobarak (@Dizer_YM) August 11, 2023

However, some observers suggest that this could be the result of a tight order book and low liquidity, given the recent listing. One viewer, in particular, said he saw someone place a sell order at $50, adding that someone may have accidentally "fattened" a market order at that price:

Yes, I saw someone like...