Winklevoss-owned Gemini recently hinted at relisting XRP leading to a 4.7% surge in its price.
The crypto exchange has tweeted two cryptic messages teasing the crypto’s relisting on its trading platform.
Gemini previously stated that it was exploring the token after the summary judgment in SEC v Ripple.
XRP’s recent rally has prompted the liquidation of $2.4 million worth of short positions on centralized exchanges.
Gemini has hinted at relisting XRP on its trading platform. In two separate crypto tweets, the Winklevoss-owned crypto exchange indicated that it would be relisting the token soon. The relisting tease comes less than a month after a federal judge in New York ruled that XRP’s sales to retail investors on secondary markets did not qualify as an investment contract, handing a major victory to Ripple.
XRP’s Rally Liquidates Short Positions Worth $2.4 Million
Gemini’s official X (Twitter) account posted a meme earlier today which read, “Me, the intern, patiently waiting for @Gemini to list XRP.” The online crypto community interpreted it as a hint of XRP’s impending relisting. A few hours later, the crypto exchange tweeted another XRP-themed message, which reinforced the speculation about the token’s relisting.
The speculation surrounding XRP’s relisting on Gemini has led to a rally of more than 4.7%. The token went from $0.61 to $0.64 in less than 24 hours. The rally also prompted a visible uptick in the token’s daily trading volume, as well as its market capitalization. Data from the on-chain analytics platform Coinglass showed that the surge in XRP’s price also caused the liquidation of short positions worth over $2.4 million over the past 24 hours.
Gemini previously announced that it was exploring relisting XRP for both spot and derivatives trading. The announcement came on July 13 following the summary judgment in the Securities and Exchange Commission’s lawsuit against Ripple. In the aftermath of the summary judgment, leading crypto exchanges, including Coinbase, Kraken, and Crypto.com, announced that they would reverse the decision to suspend XRP’s trading and relist the cryptocurrency.
The token was delisted from several exchanges after the SEC sued Ripple in December 2020, accusing the blockchain firm of conducting a $1.3 billion unregistered securities offering.