The price of XRP briefly surged to $50 on the prominent exchange, Gemini. The spike came shortly after the platform publicly announced its support for XRP Ledger (XRP).
As reported by social media users, the sudden price leap is believed to be a glitch in the system of the leading crypto exchange.
XRP's abrupt price surge to $50 on Gemini could stem from a range of factors: from order book imbalances to technical issues like latency and user interface errors.
Gemini finally announced the listing of XRP on Thursday after previously teasing the community on multiple occasions.
With the addition of XRP, users can now trade the coin for multiple currency pairs including USD, GBP, EUR, and more through Gemini's different applications.
The listing of XRP on Gemini follows a similar move by Coinbase, suggesting a growing acceptance of the Ripple-affiliated token after a favorable ruling in the Ripple v. SEC case.
As reported by U.Today, the SEC has already moved to appeal the case, but the XRP price was largely unaffected by the news.
According to CoinGecko data, the token is currently changing hands at $0.63 on major spot exchanges, including Gemini.
An XRP ETF?
Prominent analyst James Seyffart weighed in on the Gemini listing, bringing attention to the idea of XRP-based Exchange Traded Funds (ETFs).
Despite the current momentum, he expressed doubt about the viability of an XRP ETF, primarily due to hesitations from the Securities and Exchange Commission (SEC). Moreover, Seyffart noted a lack of interest from issuers in initiating such an ETF.