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>>That notorious $50 XRP candle on Gemini turned out to be more than a simple glitch.

That notorious $50 XRP candle on Gemini turned out to be more than a simple glitch.

crypthub

about 8 hours ago

Unexpected $50 Spike

On August 10 2023 XRP briefly hit $50 on Gemini while the market price hovered around $0.63. Retail traders called it a glitch, but analyst Ledger Man proved the trade was real, not a visual error. The surge followed Gemini’s relaunch of XRP after a court ruling allowed programmatic sales.

Liquidity and Slippage Mechanics

Gemini’s new XRP market lacked funded market makers, leaving the sell‑side order book extremely shallow. A single large market order swept through the few sell offers, pushing the price up through $0.63, $1 and higher until it hit a $50 limit sell order. This execution created catastrophic slippage in seconds.

Rapid Market Correction

Arbitrage bots and fresh sell orders quickly noticed the imbalance and drove the price back to normal levels. Gemini later flattened the historical chart, leading many to think the spike was only graphical. However, the $50 transaction remains documented on the exchange’s ledger.

Implications for Institutional Adoption

The incident shows that thin public order books cannot sustain large institutional trades without destabilizing prices. Ripple’s cross‑border services and other enterprises will need deep liquidity pools or dedicated markets. Robust infrastructure is essential for broader crypto adoption.