Gemini users reported a 7,000% increase in Ripple (XRP): what's happening

One of the most capitalized cryptocurrencies XRP of the Californian crypto project Ripple reached the $50 mark on the Winklevoss brothers’ crypto exchange Gemini. The price difference with the coin rate on other trading platforms exceeded 7,000 percent. Gemini users shared information about the cryptocurrency jump

The jump in the rate occurred against the backdrop of news on the network about the addition of the Ripple blockchain network to Gemini and the launch of XRP trading on the platform. The corresponding statement appeared on the official resource of the crypto exchange on August 10, 2023.

Against the background of the event, the XRP rate on Gemini, at the moment, reached $50. Users of the trading platform began to share screenshots of the cryptocurrency chart on social networks.

Unfortunately for investors, the rise of XRP to $50 turned out to be a system data display error. In reality, the cryptocurrency continued to trade near the $0.6 level.

Gemini made the decision to add the Ripple network amid the project's partial victory over the US Securities and Exchange Commission (SEC). The judge recognized the legal sale of the XRP cryptocurrency to private investors through crypto exchanges. At the same time, Ripple, according to the court, violated the securities law as part of the sale of the coin by institutionalists. The regulator does not agree with the decision of the judge and plans to appeal it.