Ripple’s Market Depth on Gemini Now Fine Following XRP’s Surge to $50
XRP is currently reeling under severe bearish pressure alongside other top cryptocurrencies. Over the past week, XRP was down by almost 7%, contributing to its monthly losses, which have now reached 20%.
But the latest analysis suggests that the crypto-assets market depth on Gemini has rebounded.
- Last week, XRP’s price on Gemini experienced a temporary surge, reaching $50. This occurred following the token’s relisting on the exchange, which was prompted by low trading activity.
- The XRP market depth, representing a 1% share, plummeted from 45,000 XRP to nearly negligible levels as its price exceeded its typical range.
- Consequently, market makers scaled back their participation.
“XRP prices on Gemini briefly rose to $50 last week after the exchange re-listed the token due to thin liquidity. The 1% XRP market depth on the exchange declined from 45k XRP to nearly zero as its price flew well beyond its normal range and market makers reduced activity.”
- Crypto analyst Ali also voiced a similar observation last week and added that the XRP market depth on Gemini was so minimal that merely a $37,000 order could lead to a 2% price shift.
- Fortunately, the liquidity has now rebounded, stabilizing at approximately 150,000 XRP, according to Kaiko’s report.
- After the Securities and Exchange Commission (SEC) initiated a lawsuit against Ripple in late 2020, several major US-based crypto exchanges opted to withdraw XRP from their offerings.
- Last month’s court verdict stated that XRP is not considered a security in secondary markets transactions, and numerous exchanges have reversed their decisions.
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