The Ripple (XRP) community enjoyed a meteoric price surge to $50 during the last 48 hours. This substantial increase in the cryptocurrency’s price followed the relisting of XRP on Gemini - a prominent exchange platform. The increase was short-lived, however, as the platform announced that it would be undergoing maintenance shortly thereafter. Since then, XRP’s price has been corrected on the exchange platform.
Despite the positive development, the XRP community has tamed their enthusiastic outlook for the remittance token. The main reason for the curbed excitement is due to the fact that the U.S. Securities and Exchange Commission (SEC) has set the wheels in motion for a possible appeal of Ripple’s recent victory. Although it will take some time for the potential appeal to be reviewed and approved, the community has already started preparing itself for another legal tussle with the SEC.
XRP Gets Relisted on Gemini
In a significant development for the XRP community and the broader cryptocurrency landscape, the cryptocurrency exchange Gemini, operated by the Winklevoss twins, has relisted the Ripple-affiliated token XRP. The news has been met with enthusiasm among XRP supporters, with community influencer @RipplePandaXRP sharing a screenshot from the Gemini app to announce the relisting to the XRP community.
This move to relist XRP on exchanges follows the legal victory for Ripple in its battle against the SEC. The victory centered on a ruling by Judge Analisa Torres, who determined that Ripple's sales of XRP on the secondary market should not be considered security sales. This distinction was made between these sales and those made by Ripple to institutional investors.
Additionally, Ripple's XRP was notably absent from the list of cryptocurrencies published by the SEC that are considered securities. Ripple's Chief Technology Officer, David Schwartz, highlighted this omission and playfully compared XRP's absence to items like "orange groves," "live beavers," and "warehouse receipts for whisky casks."
Although the list provided by the SEC mentioned 48 tokens that are considered securities, including BNB, TRX, HEX, TON, LUNA, and ADA, it notably excluded XRP. Interestingly, neither Bitcoin nor Ethereum were included on this list either. However, it's worth noting that the Securities and Exchange Commission's stance on Ethereum's status remains somewhat uncertain, with SEC leader Gary Gensler acknowledging the ambiguity surrounding Ethereum's classification.
Despite the legal victory for Ripple and the subsequent relisting of XRP, there remains an element of uncertainty regarding the future of the remittance token. The SEC has lodged an appeal against the court's ruling, indicating that the legal battle between Ripple and the regulatory agency might not be concluded just yet.
XRP Briefly Touches $50
Shortly after the listing on Gemini, XRP experienced an extraordinary price surge, reaching an astonishing $50 on the Gemini exchange platform. The fervor surrounding this surge was fueled by Gemini's relisting announcement, which was met with resounding enthusiasm within the cryptocurrency community. Yet, even as XRP holders reveled in this remarkable price leap, their attention remained divided, as they continued to ponder the potential ramifications of the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
Within the dynamic realm of Twitter, renowned experts and cryptocurrency analysts swiftly took note of the sharp spike in XRP's value shortly after its reinstatement on Gemini. The sudden ascent to the $50 level was nothing short of breathtaking, capturing the imagination of traders and enthusiasts alike.
As the XRP community buzzed with excitement over this unexpected relisting, cryptocurrency analyst and trader John S delved into the intricacies of the event. He observed the order book and provided insight into the factors that might have contributed to the price surge. It was noted that, at a certain point, there were no XRP tokens available for sale. A single trader placed a substantial XRP lot for sale at the $50 mark. When this order was executed, it appears to have triggered the rapid climb to the $50 price point. The mechanism behind this movement could be attributed to a variety of factors, including potential price manipulation, technical glitches, or the presence of thin liquidity.
However, the dramatic surge in XRP's price was followed by another twist in the narrative. Gemini promptly announced a scheduled maintenance period, temporarily suspending cryptocurrency deposits and withdrawals. This move added an extra layer of intrigue and discussion within the community, prompting speculation about the reasons behind the maintenance and its potential implications.
XRP Gains Slightly
At press time, CoinMarketCap indicated that the remittance token was changing hands at $0.6306. This was after the altcoin printed a slight 0.1% gain over the past 24 hours. Meanwhile, the euphoria surrounding the new listing seems to have worn off somewhat, as XRP was trading closer to its 24-hour low of $0.6259 after it had pulled back from its daily high of $0.6391.
This small increase in price was accompanied by a drop in XRP’s trading volume, however, and the total volume for XRP was down 41.19%. Subsequently, XRP’s combined daily trading volume across all exchange platforms stood at $1,017,939,933.