The price of Ripple (XRP) surged to $50 shortly after crypto exchange Gemini relisted the altcoin on its platform.
A few weeks ago, Ripple secured a partial victory against the SEC in a three-year-long lawsuit. This prompted many exchanges, including Gemini, to relist the token.
Shortly after the relisting, users reported that the token’s price had skyrocketed to $50, momentarily boosting XRP’s market cap to over $1.65T. The crypto community speculated a price glitch in Gemini's platform was the reason behind the abnormal XRP rates.
However, X (formerly called Twitter) user John S reasoned that a trader must have placed a spoof order that someone accidentally purchased for $50, causing the token to temporarily trade at a much higher price.
Ripple has since returned to its normal pricing. As of writing, the token costs $0.63 and is the fifth largest cryptocurrency with a market capitalization of $33B.