In an unexpected twist, the XRP token has made a triumphant return to the Gemini exchange on August 10, sparking renewed interest in the cryptocurrency world. This resurgence in altcoin trading witnessed a stunning phenomenon as the XRP price skyrocketed to an astonishing $50.
All Eyeballs are on XRP
Renowned crypto analyst JackTheRippler was quick to shed light on this sudden and significant surge in XRP price. The rapid escalation in XRP value has been attributed to a range of possible factors, including price manipulation, order book imbalances, and technical glitches such as latency and user interface errors.
In response to this exciting turn of events, Gemini promptly announced a scheduled maintenance period. During this time, cryptocurrency deposits and withdrawals were temporarily suspended, demonstrating their commitment to maintaining a stable and secure trading environment.
XRP’s current value
XRP’s current valuation stands at around $0.6335 on major spot exchanges, including Gemini, after the outage cleared. This adjustment is in line with similar corrections observed on various exchange platforms, indicating a phase of stabilization after the major event.
James Seffart‘s Analysis
Prominent analyst James Seyffart has also joined the discussion surrounding XRP’s listing on Gemini. He draws attention to an intriguing opportunity: XRP-based Exchange Traded Funds (ETFs). His seasoned analysis, however, introduces an air of skepticism amid the prevailing optimism.
Despite the escalating momentum around XRP, Seyffart’s perspective highlights potential hurdles that could hinder the realization of an XRP ETF. His skepticism stems mainly from the cautious stance of the Securities and Exchange Commission (SEC), which could affect the viability of such a venture.
Read more: CEO shares how Ripple Ruling News led to a 5000% increase in XRP trading volume
Furthermore, Seyffart emphasizes a noticeable lack of enthusiasm among potential issuers. This lack of eagerness could potentially hinder the launch of an ETF around XRP. His insightful analysis provides a nuanced picture and tempers the prevailing optimism with some caution.
