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Coinbase and Gemini reconsider XRP listing after court ruling

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In this post:

  • Coinbase and Gemini are considering listing Ripple’s XRP token following a U.S. federal court ruling that declared the sale of XRP on exchanges and through algorithms does not constitute investment contracts.
  • Coinbase plans to restart XRP trading on the XRP network, while Gemini is exploring the listing of XRP for both spot and derivatives trading.
  • The court ruling has significantly impacted XRP’s price, with the token surging over 77% and experiencing increased trading volume, reflecting the positive sentiment surrounding XRP following the resolution of the Ripple v. SEC case.

Following a recent ruling in the Ripple v. SEC case, which determined that XRP does not qualify as a security, major cryptocurrency exchanges Coinbase and Gemini have expressed interest in relisting and listing XRP, respectively. The court’s decision has sparked a surge in XRP’s price and renewed attention from prominent exchanges.

Coinbase, in a tweet on Thursday, announced that it would restart trading for Ripple’s token. The exchange plans to re-enable trading for XRP on the XRP network, with trading expected to commence later in the day if sufficient liquidity conditions are met. Coinbase further stated that it would launch trading pairs for XRP against USD, USDT, and EUR in phases once an adequate asset supply is established.

Gemini, another prominent exchange, also responded to the court ruling, stating that it is exploring the listing of XRP for both spot and derivatives trading. The exchange had previously delisted XRP on December 7, 2020, but the recent court filing has prompted reconsidering that decision.

The favorable court ruling has significantly impacted the price of XRP, with the token surging more than 77% on Thursday, reaching its highest level since March of the previous year, according to CoinMarketCap data. The ruling brought a resolution to the longstanding dispute between XRP and the U.S. Securities and Exchange Commission (SEC), providing clarity on the legal classification of XRP.

XRP’s price surge

The surge in XRP’s price and the renewed interest from Coinbase and Gemini highlights the positive sentiment surrounding Ripple’s token within the crypto community. The court’s determination that XRP does not constitute an investment contract removes a major regulatory hurdle for the cryptocurrency, potentially opening doors for further adoption and integration within the industry.

The impact of the court ruling extended beyond the price surge, with cryptocurrency exchange Kraken also announcing on Thursday that XRP trading is now available on its platform for U.S. users. Kraken expressed excitement about enabling its customers to deposit and trade XRP, contributing to the growing accessibility of the digital asset.

As the Ripple v. SEC case continues to unfold, the court ruling has significantly boosted the XRP community and Ripple’s efforts to establish the legitimacy of its token. At the time of writing, XRP price is currently trading at $0.81, up by 75.32% in the last 24 hours.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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