April 19, 2024
Latest Cryptocurrency News

XRP Returns with a Bang: Exchanges Rally to Restore Trading Following Ripple’s SEC Triumph

Cryptocurrency exchanges are swiftly reinstating XRP trading following Ripple Labs’ legal victory against the Securities and Exchange Commission (SEC), resulting in renewed enthusiasm for the XRP cryptocurrency among users.

On June 13, US District Judge Analisa Torres ruled that XRP, the token issued by Ripple, does not fall under the classification of a ‘security.’ This decision has prompted leading exchanges such as Coinbase, Kraken, Gemini, Bitstamp, and others to announce their intention to list XRP once again, as indicated in their respective statements.

Coinbase responded to Ripple’s win by announcing its plan to resume trading for Ripple’s token on its platform, provided there is sufficient liquidity for the token. Coinbase further stated that it would “re-enable trading for XRP (XRP) on the XRP network.”

Gemini, another crypto exchange, expressed its willingness to consider listing the token in light of the court ruling. In a tweet, Gemini stated, “Given today’s ruling that the sale of XRP on exchanges is not a security, @Gemini is exploring the listing of XRP for both spot and derivatives trading.”

Kraken, a prominent crypto exchange, declared that XRP trading is now available on its platform for users in the United States. In a blog post, Kraken expressed its excitement, saying, “Kraken is excited to announce that United States residents can deposit and trade XRP!”

Bitstamp also made a recent announcement, stating its decision to reintroduce the token on its exchange. The exchange promptly resumed XRP trading in the United States after the court ruling. Bitstamp highlighted its status as one of the first platforms to list XRP, emphasizing its role as a significant liquidity provider for the asset globally.

The recent ruling by a US District Judge has established that XRP is not considered a security, relieving the obligation to register XRP with the SEC. This positive development has had a notable impact on the price of XRP, which surged nearly 100% within just four hours.

Image by Freepik

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