XRP Relisted on Major Exchanges
Following a recent federal court ruling that XRP is not a security, major cryptocurrency exchanges such as Coinbase and Kraken have relisted the XRP token. This decision has had a significant impact on the cryptocurrency market, with XRP prices surging by almost 25% and the token now ranking as the fifth-largest cryptocurrency by market capitalization.
Key Takeaways
- Coinbase, Kraken, and other major exchanges have relisted XRP after the court ruling that XRP is not an investment contract.
- The ruling has implications for Coinbase’s own legal battle with the SEC, leading to a positive outlook for the exchange.
- Despite the ruling, uncertainties remain in the crypto market as the SEC can still appeal and Congress is working on crypto regulations.
Exchange Actions
U.S. District Judge Analisa Torres’s ruling clarified that XRP is not considered a security when traded on secondary exchanges, resulting in Ripple achieving a partial victory in the ongoing legal case that started in December 2020.
Following the ruling, Coinbase and Kraken swiftly relisted XRP for trading. Coinbase resumed XRP trading once liquidity conditions were met, while Kraken also reintroduced XRP trading for U.S. traders against various fiat pairs as well as ETH, BTC, and USDT.
Gemini and Bitstamp have also shown interest in listing XRP for spot and derivatives trading, further expanding the availability of XRP for investors.
Market Impact and Legal Considerations
The recent court ruling has boosted confidence in Coinbase, as evidenced by a significant increase in its stock price. However, legal experts caution that the classification of XRP as a non-security may not be definitive. The SEC retains the option to appeal the decision, leaving room for continued uncertainty in the cryptocurrency markets.
Analysts and experts emphasize the need for congressional intervention to provide clarity and regulatory certainty in the evolving crypto landscape.