XRP rallies to $50 on Gemini, Ripple holders speculate outcome of SEC appeal against Judge Torres' ruling

• XRP token was relisted on Gemini exchange after Ripple’s partial victory against the SEC. 
• XRP price briefly spiked to $50 on Gemini as a result of a thin order book and a price glitch, according to experts on crypto Twitter. 
• The XRP holder community continues to speculate about SEC’s interlocutory appeal against Judge Torres’ ruling and how it will impact the altcoin’s status as a “non-security."

XRP witnessed a massive price rally and hit $50 on Gemini exchange platform. The relisting announcement by Gemini was received with enthusiasm in the crypto community. The XRP holder community continues to speculate the outcome of the US Securities and Exchange Commission's (SEC) interlocutory appeal against Judge Torres' ruling in the lawsuit.

Experts and crypto analysts in the Twitter community noted a major spike in XRP price within hours of relisting. XRP price climbed to the $50 level. 

Also read: Ripple XRP update: SEC to appeal XRP ruling, non-security status of altcoin likely at risk

XRP token is relisted on Gemini, spikes to $50 on likely glitch

Gemini exchange relisted the XRP token on August 10. Once trading for the altcoin opened, XRP price climbed to the $50 level. Pseudonymous crypto analyst JackTheRippler, behind the Twitter handle @RippleXrpie, identified a sudden increase in XRP price.

While XRP holders speculate the reason that drove the altcoin’s price higher, John S, a crypto analyst and trader, observed the order book and explained that at one point there were no XRP tokens for sale. A trader put up an XRP lot to sell at $50 and once the order was filled, the price climbed to $50 – either through price manipulation, a glitch or thin liquidity.

XRP orderbook on Gemini

Soon after the incident, Gemini announced scheduled maintenance, halting crypto deposits and withdrawals.

XRP price is $0.6363 on Binance at the time of writing. XRP price nosedived to $0.6357 on Gemini after the glitch was corrected, in line with other exchange platforms.

XRP holders continue to speculate on the impact of the US financial regulator’s interlocutory appeal and its impact on the altcoin’s holders and secondary market sales. 

Ripple XRP community speculates backlash from SEC’s interlocutory appeal

To address the concerns of the XRP community, pro-XRP attorney John Deaton shared his views on the outcome of the appeal.

Deaton tweeted:

Attorney Deaton highlights how Judge Torres is likely to grant the appeal but at the same time make her ruling reversal-proof or “appeal-proof.” The SEC’s application to file an appeal grants the judge time to explain her stance and ruling better and acts in favor of XRP holders, according to Deaton. XRP’s status as a non-security is therefore likely safe, irrespective of the interlocutory appeal and its expected outcome.

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