In a recent development that has caught the attention of the cryptocurrency community, the price of XRP suddenly increased to $50 on the Gemini crypto exchange.
The increase may have been caused by a number of different causes, including order book imbalances as well as technical concerns like latency and user interface glitches.
After giving the community several hints and teases leading up to Thursday’s announcement, Gemini officially confirmed that they would be offering XRP.
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Expert highlights low market depth on exchange
However, prominent crypto trading expert Ali Martinez highlighted a noteworthy occurrence involving XRP on the renowned Gemini crypto exchange. As of August 11, Martinez brought to light an intriguing price fluctuation in the XRP token, shedding light on the dynamic nature of the digital asset market.
He astutely noted that despite the apparent shifts in price, the exchange’s market depth – a crucial metric reflecting the extent of buy and sell orders – remains notably shallow.
His observations revealed a noteworthy revelation: a $37,000 order possesses the potential to wield a 2% influence on XRP’s market valuation. This discovery elucidates the susceptibility of XRP’s price to relatively modest transactions within the confines of the exchange.
It appears that the exchange has undertaken chart updates, resulting in a revised depiction of XRP’s value at $1.60.
After a similar step made by Coinbase, the listing of XRP on Gemini indicates a rising acceptance of the token after a favorable verdict in the case of Ripple v. SEC.
Even though the SEC had already taken steps to appeal the judgment, the price of XRP hardly budged in response to the announcement. At the time of publishing, the token is presently being traded on major spot exchanges, such as Gemini, at a price of $0.63.
