Crypto exchanges are eagerly positioning themselves to list Ripple’s token, XRP, following a significant ruling by a U.S. federal court. The court’s decision clarified that the sale of XRP on exchanges and through algorithms does not fall under the category of investment contracts, leading to renewed interest from major exchanges. This development has prompted prominent platforms like Coinbase, Gemini, Kraken, and Bitstamp to announce plans for the relisting and trading of XRP.
Crypto exchanges announce plans to relist the token
After the court ruling, XRP experienced a notable surge in value, with its price rising nearly 70% on Thursday, reaching its highest level since April of the previous year. This upswing underscores the market’s positive response to the regulatory clarity surrounding the digital asset.
Coinbase, one of the leading crypto exchanges, wasted no time in announcing its decision to reinstate trading for XRP. However, the platform clarified that the relisting would be contingent upon the availability of sufficient liquidity for the token on its platform. Coinbase intends to launch XRP trading in phases, starting with XRP-USD, XRP-USDT, and XRP-EUR trading pairs.
Gemini, another prominent crypto exchange, expressed its interest in exploring the listing of XRP for both spot and derivatives trading following the court ruling. By considering the addition of XRP to its trading offerings, Gemini aims to capitalize on the newfound regulatory clarity surrounding the token.
Kraken, a well-known crypto exchange, wasted no time in making XRP trading available to its U.S. user base. In a blog post, Kraken announced that U.S. residents can now deposit funds and engage in XRP trading on its platform. This move not only demonstrates Kraken’s confidence in the court ruling but also showcases the platform’s commitment to meeting the demands of its user community.
Bitstamp, a leading global liquidity venue, has also revealed its plans to re-list XRP on its exchange. In an emailed statement, Bitstamp emphasized its status as one of the earliest exchanges to list XRP, noting the token’s significance in its trading ecosystem. Furthermore, the statement mentioned that Ripple, the company behind XRP, holds a minority stake in Bitstamp.
Court ruling provides regulatory clarity for the token
The federal court’s order, partially granting a motion for summary judgment, provided crucial conclusions in the long-standing case between the U.S. Securities and Exchange Commission (SEC) and Ripple. By clarifying that the sale of XRP on exchanges does not qualify as an investment contract, the ruling has removed a significant regulatory obstacle for Ripple and XRP. This outcome has undoubtedly had a positive impact on the sentiment surrounding the token and its potential future developments.
The recent federal court ruling has sparked a wave of optimism among major cryptocurrency exchanges, leading them to prepare for the relisting and trading of Ripple’s XRP token. Coinbase, Gemini, Kraken, and Bitstamp have all voiced their intentions to make XRP available to their user bases, subject to liquidity requirements and regulatory compliance. With the market responding positively to regulatory clarity, Ripple’s XRP has experienced a substantial surge in value, signaling potential growth and opportunities for investors and enthusiasts alike.