Cryptocurrency exchange Gemini’s recent social media posts have ignited speculation within the XRP community, hinting at potential developments related to the digital asset XRP.
While the posts remain cryptic, phrases such as “xrriving shortly” and “xcited about xrp” have triggered significant interest and conjecture among followers and market analysts.
Gemini’s possible involvement in a European Union joint venture
Prominent figures within the XRP community, including influencers like Crypto Eri, have suggested that Gemini’s enigmatic posts could allude to a new joint venture involving XRP and the European Union.
This speculation stems from Gemini’s recent approval as a Digital Asset Service Provider (DASP) in France and its role as a custodian for VanEck’s recently launched Spot Bitcoin ETF. These developments have led some to speculate that Gemini may be poised to play a pivotal role in creating a Spot XRP ETF within the European market.
Members of the XRP community have drawn comparisons between Gemini’s current social media activity and its actions in August 2023, when the exchange relisted XRP for trading. This move allowed XRP trading in various currency pairs, including USD, GBP, and EUR, following a favorable Ripple v. SEC case ruling.
The community is now abuzz with the expectation that Gemini’s recent approval in France could pave the way for further expansion of XRP trading options on the platform.
Of particular note is the shift in Gemini’s attitude towards XRP. Historically, the exchange, co-founded by the Winklevoss twins, has been critical of XRP. In 2020, Tyler Winklevoss publicly clashed with XRP advocates, going so far as to label some as “dumb” trolls.
This acrimonious history makes Gemini’s recent developments all the more noteworthy, as the exchange appears to have undergone a change in sentiment towards XRP.
Gemini’s role in the Ripple v. SEC case
To understand the significance of Gemini’s evolving stance, it’s essential to revisit the context of the Ripple v. SEC case. In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, the company behind XRP, alleging that XRP was an unregistered security.
This legal battle cast a shadow over the cryptocurrency’s future, leading to its delisting from several major exchanges, including Coinbase.
While not directly involved in the lawsuit, Gemini maintained a cautious approach towards XRP during this period. The exchange’s decision to delist XRP aligned with many other platforms as they awaited regulatory clarity.
The turning point: Gemini relists XRP.
The turning point came in August 2023 when Gemini announced the relisting of XRP on its exchange. This decision followed a favorable ruling in the Ripple v. SEC case, which saw the court classify XRP as a currency rather than a security. The move to relist XRP was seen as a significant vote of confidence in the digital asset by the exchange.
Gemini’s relisting of XRP brought about a broadening of trading options for XRP enthusiasts. Users gained access to trading pairs involving XRP and major fiat currencies, including USD, GBP, and EUR. This expansion marked a milestone for XRP’s liquidity and accessibility, enabling a more extensive range of traders to engage with the cryptocurrency.
Fast forward to Gemini’s recent approval as a Digital Asset Service Provider in France, and the XRP community has been abuzz with anticipation. France has been making strides in the cryptocurrency regulatory space, positioning itself as a welcoming jurisdiction for digital asset firms. Gemini’s approval in this context suggests that the exchange may explore new opportunities within the European market.
The speculation around a Spot XRP ETF
Crypto Eri and other community influencers have speculated that Gemini’s mysterious social media posts could be linked to a potential collaboration between the exchange and the European Union to create a Spot XRP ETF. The European market has shown increasing interest in cryptocurrency ETFs, and Gemini’s role as a custodian for VanEck’s Spot Bitcoin ETF could hint at a similar venture for XRP.
While Gemini’s recent social media activity remains cryptic, it has undoubtedly piqued the curiosity of the XRP community. The choice of words and phrases, such as “xrriving shortly” and “xcited about xrp” have sparked widespread speculation and debate. Whether these posts herald a significant development for XRP or are a clever marketing tactic, they have generated considerable attention and anticipation within the cryptocurrency space.