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XRP Price Spikes 7,836% Hitting $50 on Gemini Exchange

The post XRP Price Spikes 7,836% Hitting $50 on Gemini Exchange appeared first on Coinpedia Fintech News

The XRP token recently made a captivating comeback to the Gemini exchange on August 10. After altcoin trading resumed, a remarkable phenomenon took place when the XRP price shot up to an unexpected $50.

Well-known crypto analyst JackTheRippler was quick to highlight this sudden and significant increase in the XRP price. While the possible factors contributing to this swift increase include price manipulation, imbalances in the order book to technical glitches, such as latency and user interface errors.

In response to this intriguing event, Gemini promptly announced scheduled maintenance, temporarily suspending crypto deposits and withdrawals.

According to Coinmarketcap data, XRP is currently valued at approximately $0.6335 on major spot exchanges, including Gemini following the resolution of the glitch. This adjustment aligns with similar corrections observed across other exchange platforms, indicating a stabilization phase post-event. 

Expert Insight into XRP ETF Considerations

Further prominent analyst James Seyffart has added his perspective to the discourse surrounding Gemini’s XRP listing, turning attention to the intriguing notion of XRP-based Exchange Traded Funds (ETFs). His expert analysis, however, injects a degree of skepticism amidst the prevailing optimism.

Despite the surging momentum surrounding XRP, Seyffart’s perspective underscores potential obstacles that could hinder the realization of an XRP ETF. His skepticism primarily arises from the cautious stance adopted by the Securities and Exchange Commission (SEC). 

Seyffart further highlights a noticeable lack of enthusiasm among potential issuers, which could potentially impede the initiation of an ETF centered around XRP. However, his expert analysis, however, injects a degree of skepticism amidst the prevailing optimism.

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