JAKARTA - On Thursday, August 10, the Gemini crypto exchange finally announced its reliating XRP on its trading platform after three years of absence. This is big news for traders and the XRP community who have been waiting enthusiastically.
In addition, Gemini also provides full support for the XRP Ledger blockchain, allowing XRP/USD trading pairs on Gemini API/FIX and ActiveTrader applications.
Even so, a surprising thing happened after several hours of XRP available at Gemini, the price of XRP experiencing a glitch on this platform, suddenly surging to reach 50 US dollars (Rp760,850). This phenomenon looks very unrealistic given the true value of XRP which is around 0.63 US dollars (Rp9,500).
Additional information, the term glitch in cryptocurrency price changes, refers to situations where there are unreasonable or unrealistic price changes in a short time. Glitch can be caused by factors such as low liquidity, or technical problems on trading platforms.
In some cases, glitch prices can result in a spike or a very sharp and disproportionate price drop in seconds or minutes. Glitches like this often attract the attention and speculation of the crypto community, and can have a significant impact on investors and traders in the short term.
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Some analysts are trying to understand the causes behind this unnatural price spike. One possibility is an order book that tends to be thin and liquidity limited, which may occur due to the fact that XRP has just re-registered.
There is speculation that some users may place orders at the wrong prices, there are even reports of someone setting a sell order at a US 50 dollar price, possibly as a result of an accidental typos or placement of market orders.
Although Gemini has yet to provide an official explanation of the matter, the exchange announced the overall site maintenance on August 11. This could give them time to address the issue and provide users with further explanation.
At the time of writing, the price of XRP has returned to its true value, which is around Rp9,500 with a market capitalization of around 33.5 billion US dollars (Rp509 trillion). Although there has been an unusual price spike, the market has then returned to consolidation as investors look forward to other driving factors that could affect XRP price movements in the future.
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