The native token of Ripple – XRP – has briefly skyrocketed to $50 on the popular cryptocurrency exchange Gemini hours after the latter allowed deposits with the asset.

The development seemed to be a short-lived glitch as the coin quickly retraced to its current level of approximately $0.63.

Several screenshots revealed that XRP spiked to an all-time high of $50 on Gemini’s platform after the company enabled users to make deposits with the Ripple-issued token.

Major exchange @Gemini had a glitch. $50 per #XRP! 👀 pic.twitter.com/UBEWN7Rv7j — JackTheRippler ©️ (@RippleXrpie) August 10, 2023

The price dropped just as quickly in the following hours and is now hovering around $0.63 (the same valuation is observed on the crypto data aggregators CoinGecko and CoinMarketCap).

The cryptocurrency exchange, spearheaded by the Winklevoss twins, became the latest to add support to XRP following Ripple’s landmark victory in its legal battle against the US SEC.

Coinbase, Kraken, and Crypto.com, which removed the asset from their platforms once the securities regulator filed a lawsuit against the blockchain enterprise, re-launched trading services with the asset last month.