• Gemini relists XRP on its platform while mocking the SEC and Chairman Gary Gensler in a teaser video.
• Amid some glitch on Gemini, the XRP price was trading at $50 within hours of listing.

On Thursday, August 10, crypto exchange Gemini ended the wait by relisting Ripple’s XRP cryptocurrency on its platform. Currently, Gemini offers XRP trading to users against the fiat pairs of USD, GBP, and EUR.

Furthermore, the platform also declared its backing for the XRP Ledger blockchain, making the Gemini API/FIX and ActiveTrader apps accessible for trading XRP/USD pairs. Crypto exchange Gemini noted: “Adding XRP Ledger to our list of supported crypto networks is an important step on our mission to unlock the next era of financial, creative, and personal freedom”.

Interestingly, Gemini made the official announcement on Twitter in a video accompanying the tweet, wherein its mocks the US SEC and its chief Gary Gensler.

Gemini humorously portrayed XRP triumphing over the US Securities and Exchange Commission (SEC) in a playful contest. The video also featured an image of SEC Chairman Gary Gensler with the caption, “Earth is a Security.”

Interestingly, Gemini illustrated XRP’s response to the hypothetical notion of ‘earth is a security’ by depicting the cryptocurrency migrating to the Moon. Gemini’s clever video caught the attention of the XRP community, particularly noteworthy pro-XRP attorney Bill Morgan. Morgan expressed delight at the satirical portrayal of the US regulatory body and its chairman.

XRP Price Shows $50 On Gemini

Interestingly, soon after the listing of XRP, there’s been massive price fluctuation spotted in the cryptocurrency’s price trading on Gemini. Several crypto community members posted screenshots of what appears to be a “price glitch” on the crypto exchange Gemini. Some users reported the XRP price to be as high as $50. While on other platforms, the XRP price was actually trading around $0.63 levels.

Nonetheless, certain analysts stated that this could stem from a shortfall in the order book and limited market activity, especially considering the recent addition to the listings. One observer, in particular, recounted witnessing a sell order placed at $50, hinting that a possible “fat-finger” occurrence involving a market order at that value could be at play.

Meanwhile, as of August 11 at 1:25 am UTC, Gemini declared complete site maintenance for its platform. “We are currently performing maintenance on the Gemini platform and so all services are currently unavailable. All customer’s assets and funds remain secure. We will provide updates here once we have more information to share,” it noted.

Unlike Kraken and Coinbase, the XRP listing on Gemini didn’t have much impact on its price. XRP holds the position of the fifth-largest digital asset, boasting a market capitalization of $33.2 billion. Ripple Labs, the entity responsible for XRP, initiated its creation to facilitate rapid and low-cost money transfers for financial institutions and banks.

In 2020, Ripple faced a legal challenge when the U.S. Securities and Exchange Commission (SEC) filed a $1.3 billion lawsuit, asserting that the company had deceived investors and sold XRP in the form of unregistered securities.

However, in a recent partial ruling, a federal district judge indicated that sales of XRP to retail investors through programmed means were not to be classified as securities.