Ripple Is Bringing New Excitement, A Series Of Exchanges Relist XRP
- Ripple’s XRP token sees a relisting surge on cryptocurrency exchanges after a federal court ruling in the Ripple Labs-SEC legal battle.
- Crypto.com, Kraken Pro, and Coinbase are among the exchanges that have resumed XRP trading.
- XRP’s price surged over 97% in response to the court ruling, but uncertainty remains as the legal battle continues, and the case could proceed to trial or be appealed.
In a major development for Ripple Labs and the cryptocurrency community, a federal judge ruling in the three-year court battle between Ripple Labs and the Securities and Exchange Commission (SEC) has prompted a resurgence in trading for the XRP token. The court ruling determined that XRP was indeed a security when sold to institutional investors but not to the general public. This decision has led to a growing number of cryptocurrency exchanges relisting XRP and resuming trading for the popular digital asset.
Prominent crypto exchanges, including Crypto.com, Kraken Pro, and Coinbase, have announced that XRP is once again available for trading on their platforms. This decision marks a significant reversal since many exchanges halted XRP trading following the SEC’s lawsuit against Ripple Labs in late 2020. The court’s mixed ruling in favor of Ripple has been celebrated as a key victory for the cryptocurrency sector, reigniting the interest and support for XRP.
Coinbase, the largest cryptocurrency exchange in the United States, expressed its intention to relist XRP after carefully reviewing the court’s decision. Coinbase’s Chief Legal Officer, Paul Grewal, tweeted:
“We’ve read Judge Torres’ thoughtful decision. We’ve carefully reviewed our analysis. It’s time to relist.”
This announcement from Coinbase further solidifies the growing confidence in XRP’s legal standing.
Gemini, another prominent cryptocurrency exchange, has also joined the relisting movement, indicating that it is considering relisting XRP for both spot and derivatives trading. Gemini’s decision is based on the court ruling, which clarified that the sale of XRP on exchanges is not classified as a security. However, despite the relisting efforts, some uncertainty remains as the legal battle between Ripple and the SEC is far from over. The case could proceed to trial or be subject to an appeal, keeping the final outcome in question.
The market response to the court ruling has been highly positive, with XRP’s price surging over 97% within a single day. This remarkable price increase positions XRP as the top-performing cryptocurrency among the largest digital assets by market capitalization.
The ruling by US District Judge Analisa Torres emphasized that institutional investors were more likely to be aware of XRP’s securities-like traits during Ripple’s sales pitch, while programmatic investors, including retail traders, may not have possessed the same level of understanding. This aspect of the court ruling provides both Ripple and the SEC with potential support for their respective arguments regarding the security classification of XRP.
As the relisting of XRP gains momentum, market participants and cryptocurrency enthusiasts are closely monitoring the ongoing legal proceedings. The outcome of this case has broader implications for the regulatory landscape surrounding cryptocurrencies and may shape the future of digital asset offerings. The relisting of XRP represents a significant step forward for Ripple Labs and the cryptocurrency industry, reinvigorating interest and optimism for XRP’s future prospects.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.