The native token of Ripple – XRP – has briefly skyrocketed to $50 on the popular cryptocurrency exchange Gemini hours after the latter allowed deposits with the asset.
The development seemed to be a short-lived glitch as the coin quickly retraced to its current level of approximately $0.63.
- Several screenshots revealed that XRP spiked to an all-time high of $50 on Gemini’s platform after the company enabled users to make deposits with the Ripple-issued token.
Major exchange @Gemini had a glitch.
— JackTheRippler ©️ (@RippleXrpie) August 10, 2023
- The price dropped just as quickly in the following hours and is now hovering around $0.63 (the same valuation is observed on the crypto data aggregators CoinGecko and CoinMarketCap).
- The cryptocurrency exchange, spearheaded by the Winklevoss twins, became the latest to add support to XRP following Ripple’s landmark victory in its legal battle against the US SEC.
- Coinbase, Kraken, and Crypto.com, which removed the asset from their platforms once the securities regulator filed a lawsuit against the blockchain enterprise, re-launched trading services with the asset last month.