- Gemini reintroduces XRP trading with multiple fiat pairs.
- A suspected price glitch briefly showcases XRP at an astonishing $50.
XRP’s Phoenix Moment: Gemini’s Embrace Marks a Digital Currency Renaissance
After a hiatus of three years, the eminent cryptocurrency platform Gemini announced the relisting of the XRP token, allowing trade in a medley of fiat pairs like USD, GBP, and EUR. Along with this much-anticipated return, Gemini has also extended its support to the XRP Ledger (XRPL), further integrating XRP/USD trading pairs into their proprietary Gemini API/FIX and ActiveTrader platforms.
While some anticipated a seismic movement in XRP’s price following its relisting, the market reaction remained rather muted. Speculations suggest that the fervor around XRP’s relisting had already waned by July 2023 when major U.S-based platforms, Coinbase and Kraken, took the plunge.
The day also witnessed XRP’s availability for deposits on Gemini, solidifying the platform’s commitment to the token. Furthermore, Gemini’s interface, including its mobile app and website, now endorses XRP trading across multiple fiat pairs, though its availability in Gemini Custody remains on hold.
Diving Deep into XRPL’s Integration
With the XRP Ledger joining the ranks, Gemini’s compatibility expands to a commendable 14 blockchain networks. For those unfamiliar with its intricacies, the XRP Ledger operates on a peer-to-peer network sustained by nodes under Ripple’s purview. Serving as the backbone of Ripple’s diverse crypto product suite, XRP primarily acts as a conduit for settling multitudinal fiat transactions for various financial entities. Ripple’s core objective, powered by XRP, remains the streamlining of cross-border financial transactions, ensuring they are swifter and more economical.
This revival of XRP by prominent U.S-based exchanges potentially heralds a renewed chapter in Ripple’s U.S partnerships. Ripple’s top-tier executives have intimated their ongoing endeavors to revisit and rejuvenate ties in the wake of the landmark judgment in Ripple’s tussle with the SEC.
The Enigmatic $50 XRP Spike
However, the relisting was not without its share of enigma. Numerous crypto enthusiasts took to social platforms sharing screenshots of an anomaly on Gemini where XRP’s price momentarily catapulted to a staggering $50, deviating significantly from its market standard of $0.63. While some attributed it to possible liquidity shortages, others amusingly deemed it a prophetic glance into XRP’s potential future value.
Major exchange @Gemini had a glitch.
>> Buy XRP quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with XRP now. Visit Website <<
$50 per #XRP! 👀 pic.twitter.com/UBEWN7Rv7j
— JackTheRippler ©️ (@RippleXrpie) August 10, 2023
As the crypto community kept buzzing, Gemini entered a period of comprehensive site maintenance, reassuring its patrons of the safety of their assets. This move followed reports of certain users facing timeout glitches on spot markets.
While the exact cause of this aberration remains unknown, one can’t help but ponder the dynamic trajectory of XRP, especially in the current volatile crypto landscape.
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