In an intriguing turn of events, a renowned market analyst has unearthed a startling trading vulnerability on one of the industry's leading exchanges. A recent U.Today report revealed that the price of XRP experienced a brief yet staggering surge, reaching an astonishing $50 on the widely recognized trading platform Gemini.
This unexpected price leap unfolded shortly after Gemini introduced XRP to its trading roster. The crypto community was left abuzz with speculation as social media channels lit up with discussions surrounding the extraordinary occurrence. Initial assessments pointed toward a potential glitch in the exchange's system, raising questions about the integrity of the trading process.
Flaw in order flow
A prominent figure in market analysis, Ali Martinez, delved into the situation and unearthed a series of startling revelations. Martinez's expert assessment shows a more intricate narrative surrounding the incident.
Notably, the analyst found a profound irregularity within the trading dynamics of XRP on Gemini. His meticulous examination of the incident yielded a crucial insight: a mere $37,000 order possessed the ability to propel XRP's price by a substantial 2%.
$XRP hit $50 on @Gemini, but now they have updated their charts to make it seems like #XRP hit $1.60. 😅— Ali (@ali_charts) August 11, 2023
Still, the market depth on this #crypto exchange is very low. Only a $37,000 order is required to move #Ripple prices by 2%. pic.twitter.com/k5u2GV5PnH
Further elaborating on the matter, Martinez exposed a subtle yet significant alteration in the exchange's presentation of price data. Despite the initial XRP surge being recorded at a remarkable $50, Gemini swiftly updated its charts to reflect a significantly lower figure of $1.60, thereby masking the extent of the price anomaly.
While Gemini has gained prominence as a reputable platform, the sudden price surge and subsequent correction emphasize the need for heightened vigilance and thorough system checks.