Ripple (XRP) Price Crashes Despite Good News From Gemini: Details

TL;DR

• Gemini announced plans to offer additional services involving XRP.
• The disclosure follows a series of cryptic tweets hinting at Ripple’s token and comes amid a market downturn.

The US-based cryptocurrency exchange – Gemini – will soon offer XRP perpetual contracts to customers. The product enables traders to speculate on the future price of an asset without an expiration date.

Riddle answer: XRP perpetual contracts

Coming soon to Gemini

Fund your account → https://t.co/Ap4YOQIyO3 pic.twitter.com/pPfJwDnGTk

— Gemini (@Gemini) January 23, 2024

The announcement comes a day after a series of mysterious tweets where Gemini touched upon Ripple’s token. The posts  included  phrases like “Don’t forget about xrp,” “xcited about xrp,” and xrriving shortly,” allowing the crypto community to speculate what move might be coming. The most optimistic individuals suggested that filing for a spot XRP ETF could be an option.

The last time Gemini posted such riddles related to the coin was in August last year – a month after Ripple  secured  its first vital (yet partial) court victory against the United States Securities and Exchange Commission (SEC). 

Shortly after, it  re-listed XRP on its platform, adding its name to the company of Kraken, Coinbase, Crypto.com, and Bitstamp.

Despite Gemini’s most recent announcement, Ripple’s coin has been on a downfall as of late, plunging 3% in the last 24 hours and almost 10% on a weekly scale (per CoinGecko’s data).

Its slump coincides with the broader market correction that has reigned in the past several days, with Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and many more leading cryptocurrencies being deep in the red.