The market depth of XRP on the Gemini crypto exchange has rebounded after the asset’s price unexpectedly hit $50 last week.
Kaiko, a leading crypto market data provider, has shared an exciting development for XRP traders on Gemini. In a tweet yesterday, Kaiko noted that XRP had restored its market depth on the US-based crypto exchange.
According to Kaiko, XRP market depth on Gemini, within the 1% price range, has rebounded and is now steady at around 150,000 XRP.
📈👀Last week, #XRP's 1% market depth on Gemini saw a brief dip as market makers pulled back post a rapid $50 price spike.
👉Good news: depth has rebounded, steadying at around XRP 150k. pic.twitter.com/ORu9BmsJCc
— Kaiko (@KaikoData) August 15, 2023
Notably, XRP’s market depth on Gemini plummeted on August 10 after the asset’s price spiked to $50 on the exchange. For context, market depth refers to the market’s ability to absorb substantial orders without affecting the asset’s price.
XRP Spikes to $50 On Gemini
Recall that Gemini joined other US-based crypto exchanges to relist XRP after Ripple secured a major victory against the SEC. The exchange made a promotional listing video for XRP, mocking the SEC and its chairman Gary Gensler.
Shortly after opening trading for XRP, the coin’s price briefly spiked to $50, representing a 7,836% surge. Thus, trading at a disparity with spot markets on other crypto exchanges.
Several analysts, including Ali Martinez, suggested that the sudden spike in XRP price on Gemini was due to the exchange’s low market depth.
In the tweet, Martinez said Gemini’s market depth for XRP was so low that only a $37,000 order could move the coin’s price by 2%. He also revealed that Gemini updated its XRP charts to make it look like the coin only surged to $1.6 during the listing.
— Ali (@ali_charts) August 11, 2023
Gemini Launches XRP Faucet
Meanwhile, a few moments after relisting XRP, Gemini announced a new campaign dubbed the XRP faucet. The initiative will see Gemini give away 4,000 XRP coins daily for six days. Notably, the campaign is part of Gemini’s effort to attract signups from XRP community members.
At press time, XRP is trading at $0.6, down 4.2% over the past 24 hours. According to CoinGecko data, XRP is ranked as the fifth-largest crypto asset, with a market capitalization of $31.65 billion.