XRP has been experiencing bearish pressure alongside other top cryptocurrencies, resulting in a 7% decrease in price over the past week and a 20% monthly loss. However, there is some good news for XRP as the Market depth on the Gemini exchange has rebounded.
Last week, XRP’s price on Gemini saw a temporary surge, reaching $50. This was due to the token’s relisting on the exchange, which was prompted by low Trading activity. However, the market depth of XRP on Gemini dropped from 45,000 XRP to almost zero as its price went beyond its normal range. This led to a reduction in activity from market makers.
Crypto analyst Ali also noticed this trend and pointed out that the minimal market depth on Gemini meant that a $37,000 order could lead to a 2% price shift. Fortunately, liquidity has now improved, stabilizing at approximately 150,000 XRP, according to a report from Kaiko.
The decrease in liquidity and market depth on Gemini can be attributed to the Securities and Exchange Commission (SEC) lawsuit against Ripple, the company behind XRP. In response to the lawsuit, several major US-based Crypto Exchanges decided to delist XRP from their offerings. However, a court verdict last month declared that XRP is not considered a Security in secondary market transactions, leading to many exchanges reversing their decisions.
Academic Information:
The drop in XRP’s price and market depth on Gemini can be seen as a reflection of the overall bearish sentiment in the cryptocurrency market. Market depth refers to the total volume of buy and sell orders at different price levels. A decrease in market depth indicates a lack of liquidity and can lead to increased price volatility.
The relisting of XRP on the Gemini exchange after a period of low trading activity suggests that there is renewed interest in the token. This could be attributed to the court verdict stating that XRP is not considered a security, which has provided more clarity and confidence for investors and exchanges.
The rebound in liquidity on Gemini is a positive sign for XRP, as it indicates that there is now a larger pool of buyers and sellers participating in the market. This increased liquidity can help stabilize XRP’s price and reduce the potential for large price swings caused by relatively small buy or sell orders.
Overall, the current market conditions for XRP are still challenging, with significant losses in price over the past month. However, the rebound in liquidity on Gemini indicates some resilience and potential for recovery in the future..
#Ripples #Market #Depth #Gemini #Fine #XRPs #Surge
Last week, XRP’s price on Gemini saw a temporary surge, reaching $50. This was due to the token’s relisting on the exchange, which was prompted by low Trading activity. However, the market depth of XRP on Gemini dropped from 45,000 XRP to almost zero as its price went beyond its normal range. This led to a reduction in activity from market makers.
Crypto analyst Ali also noticed this trend and pointed out that the minimal market depth on Gemini meant that a $37,000 order could lead to a 2% price shift. Fortunately, liquidity has now improved, stabilizing at approximately 150,000 XRP, according to a report from Kaiko.
The decrease in liquidity and market depth on Gemini can be attributed to the Securities and Exchange Commission (SEC) lawsuit against Ripple, the company behind XRP. In response to the lawsuit, several major US-based Crypto Exchanges decided to delist XRP from their offerings. However, a court verdict last month declared that XRP is not considered a Security in secondary market transactions, leading to many exchanges reversing their decisions.
Academic Information:
The drop in XRP’s price and market depth on Gemini can be seen as a reflection of the overall bearish sentiment in the cryptocurrency market. Market depth refers to the total volume of buy and sell orders at different price levels. A decrease in market depth indicates a lack of liquidity and can lead to increased price volatility.
The relisting of XRP on the Gemini exchange after a period of low trading activity suggests that there is renewed interest in the token. This could be attributed to the court verdict stating that XRP is not considered a security, which has provided more clarity and confidence for investors and exchanges.
The rebound in liquidity on Gemini is a positive sign for XRP, as it indicates that there is now a larger pool of buyers and sellers participating in the market. This increased liquidity can help stabilize XRP’s price and reduce the potential for large price swings caused by relatively small buy or sell orders.
Overall, the current market conditions for XRP are still challenging, with significant losses in price over the past month. However, the rebound in liquidity on Gemini indicates some resilience and potential for recovery in the future..
#Ripples #Market #Depth #Gemini #Fine #XRPs #Surge
