Crypto users on the Gemini crypto exchange have reported experiencing unusual price fluctuations for Ripple’s XRP token. Shortly after relisting the token on its platform for deposits and trading, users noticed a “price glitch” that caused XRP’s displayed price to rise above $1 and even spike to $50 on one occasion. However, the current market price for XRP is $0.63, according to CoinGecko, a popular crypto tracking website.
Several screenshots of the abnormal prices were shared on Twitter by members of the crypto community. The glitch caught the attention of many, with users questioning the accuracy of the displayed prices. Some even speculated that this could be a technical error or a result of a malfunction in the exchange’s system.
Gemini, in response to the situation, announced that it had put its platform into full site maintenance as of August 11, 1:25 am UTC. The exchange clarified that the maintenance was necessary and assured users that their assets and funds were secure. However, it did not disclose any details about the cause of the glitch or when the platform would be fully operational again. Some users also reported facing timeout issues on spot markets, further adding to the confusion.
The re-listing of XRP on Gemini came after a United States District Court Judge ruled that XRP is not a security when sold on exchanges in the ongoing case between Ripple and the Securities Exchange Commission. This ruling allowed Gemini to make XRP available for trading on its exchange again. However, the glitch and subsequent maintenance raised concerns among users about the exchange’s ability to handle the trading volume and technical issues associated with XRP.
The crypto community awaits further updates from Gemini regarding the situation. The exchange’s prompt action in addressing the glitch and going into maintenance mode demonstrates its commitment to maintaining a secure and reliable platform for its users.
Overall, this incident highlights the volatility and uncertainties associated with the crypto market, including price discrepancies and technical glitches. It serves as a reminder for users to exercise caution and rely on reputable sources when assessing crypto prices. As more regulations are being established in the crypto industry, exchanges must continuously improve their systems to ensure smooth operations and minimize disruptions for users.
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