XRP Price Explodes to $50 But It_s Not What You Think

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.

$50 per #XRP! 👀 pic.twitter.com/UBEWN7Rv7j

— 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-launchedtrading services with the asset last month.