XRP Market Cap Temporarily Skyrockets to Trillions of Dollars On Gemini

XRP witnessed a surge, with the market cap temporarily hitting trillions of dollars on the Gemini crypto exchange. The token's price rose to $50 per coin with increased purchasing orders from investors.

The sudden spike in Ripple's native coin transactions and value came on the exchange came after Gemini relisted the token on its platform on August 10.

XRP Trading Price Spikes On Gemini

XRP recorded a massive engagement from investors as the price skyrocketed temporarily on Gemini above its normal trend in the broader crypto market.

The current price of #XRP is $1.66 on @Gemini! pic.twitter.com/uk3WG3I9OU

- JackTheRippler (C) (@RippleXrpie) August 11, 2023

Some crypto analysts explained the anomaly's cause to be low liquidity on Gemini after it relists Ripple coin.

Notably, an investor placed an over-sized market order on the exchange, executed at a very high and outrageous price. This led to the investor purchasing XRP at $50 per token during the low liquidity period.

The higher price trades for ripple's token lasted for a few hours on the Gemini crypto exchange, according to the displayed chart before correction. But during the anomaly period, XRP saw its market cap surging to trillions of dollars.

Further, the market data disclosed that Gemini had relatively low liquidity, such that a $37,000 order could trigger about a 2% spike in prices on the exchange.

Conversely, it will take a minimum $2.2 million order on Binance to get the same price surge.

Gemini's Recent Relisting Triggered a Massive Price Surge

Geminin crypto exchange recently listed XRP following Ripple's partial victory on its case with the US Securities and Exchange Commission (SEC). The SEC filed a lawsuit on December 2020 against the blockchain company Ripple over the sales of its native token XRP.

The regulator alleged that Ripple's native coin is a security and that Ripple violated securities laws by selling unregistered security in the US. After almost three years of court proceedings and arguments, the court finally ruled that XRP is not a security on July 13.

Also, the judgment indicated that Ripple's programmatic sales of XRP to retail investors on crypto exchanges are not securities.

Other crypto exchanges that previously delisted XRP due to SEC's crackdown on the token later relisted it after the court's ruling. These include the likes of Coinbase, Kraken, Crypto.com, and others.

On August 8, Gemini made a cryptic tweet about its next possible interaction with Ripple native token XRP. The exchange posted: xpressing xcitement about XRP", hinting at the listing that eventually occurred on August 10.

According to data from CoinMarketCap, Ripple's token is trading at $0.6314, indicating a decrease of 0.47% over the past 24 hours. Its market cap sits at $33.33 billion as the token ranked as the fifth top crypto asset.

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