XRP’s Price experienced a momentary surge to $50 on the distinguished trading platform, Gemini. This rapid escalation occurred shortly after the exchange publicly disclosed its endorsement of the XRP Ledger (XRP).
As noted on social media, the rapid price rise is thought to stem from a glitch within the mechanisms governing the primary cryptocurrency marketplace.
The sudden rise of XRP’s value to $50 on Gemini might be due to several factors. These range from differences in the order book to technical issues involving delays and problems with the user interface.
Gemini announced the addition of XRP on Thursday, after teasing the cryptocurrency community earlier. With XRP now available, traders can use Gemini’s various applications to trade the currency against multiple pairs like USD, GBP, EUR, and more.
Gemini’s Listing and Legal Developments Propel Impact on XRP Price
The inclusion of XRP into Gemini resembles a move made by Coinbase. This suggests a growing acceptance of the Ripple-associated token, driven by a positive outcome in the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
As stated in a U.Today report, the SEC has started to appeal the previously mentioned legal case. However, the value of XRP didn’t react strongly to this news.
Information from CoinGecko shows that the token is currently trading at $0.63 on major spot exchanges, including Gemini.
Could there be an XRP-based ETF?
A respected analyst, James Seyffart, shared thoughts on the Gemini listing and the potential for Exchange Traded Funds (ETFs) linked to XRP.
Despite the ongoing positive momentum, Seyffart expressed doubts about the feasibility of an XRP ETF due to concerns from the U.S. Securities and Exchange Commission (SEC). Additionally, Seyffart highlighted a lack of enthusiasm among issuers for launching such an ETF.