XRP Market Cap Briefly Hits Trillions on Gemini

XRP price briefly skyrocketed to US$50 on the popular cryptocurrency exchange Gemini

Ripple (XRP) briefly surged to US$50 on renowned cryptocurrency exchange Gemini, rocketed the token's market capitalization to trillions of dollars, if only for a few minutes. XRP price shot up to those levels for a few minutes at 8:30 pm UTC on Thursday before immediately reverting to parity with the spot markets on other exchanges.

Several crypto community members on X (Twitter) on Aug. 11 posted screenshots of what many have described as a "price glitch" that has seen XRP's displayed price on the exchange rise above US$1 several times and even spike to US$50 on one occasion.

The bump, which took a few seconds to correct, was likely a result of low liquidity in the hours following a token relisting on Gemini, during which a buyer may have placed an outsized market order – which was filled at an outrageously high price.

At the time of writing, XRP price stood at US$0.6342, seeing a 24-hour loss of 0.45 percent. Coinbase, Kraken, and Crypto.com, which removed the asset from their platforms once the securities regulator filed a lawsuit against the blockchain enterprise, re-launched trading services with the asset last month.

Last month, the almost 3-year-long case against Ripple Labs and its cryptocurrency XRP by the SEC finally ended with the crypto coming out as the victor. It was ruled that it was not a security after the SEC accused the company of illegally selling over US$1.4 billion XRP to investors under the pretense of an unregistered security offering.

The market congratulated them on their big win with an 80% price rally, which naturally had a domino effect on other cryptocurrencies, with many of them surging due to the big win against the SEC.