Major Exchanges Relist XRP After Ripple Wins With SEC

In a significant turn of events, major cryptocurrency exchanges Coinbase, Kraken, Bitstamp and Gemini have announced their decision to re-list XRP following Ripple’s significant legal victory against the Securities and Exchange Commission (SEC).

This important decision comes as a result of exchanges re-evaluating their previous delistings of XRP, indicating a newfound confidence in the token’s regulatory status. This came from a recent landmark court decision by Judge Annalisa Torres.

Coinbase, Kraken and Bitstamp Restore XRP Trading

Leading cryptocurrency exchange, Coinbase wasted no time in announcing the resumption of XRP trading following the court ruling. Coinbase CEO Brian Armstrong expressed the exchange’s decision doby stating:

“Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset to other networks or you may lose your funds. Transfers for this asset will be available on @Coinbase and @CoinbaseExch.

The reinstatement of digital assets on Coinbase’s platform marks a significant change in their status after the token was delisted in January 2021. Another major exchange, Kraken, has also confirmed its plans to restore trading for the cryptocurrency, according to Marco Santori, Kraken’s legal officer. Tweeted where did it go:

“1/ This morning, the Federal Court for the Southern District of New York ruled that XRP is not a security. As such, just minutes ago, Kraken re-enabled trading in XRP for US users.”

Bitstamp, an early adopter of XRP, joins the bandwagon, emphasizing its role as a leading liquidity venue for the asset globally as it confirms its return of the token on its exchange for US users.

Token holding majority of gains from Thursday | Source: XRPUSD on TradingView.com

Ripple’s legal battle and impact on the market

The court’s decision stems from an SEC lawsuit against Ripple, which accused the company of offering unregistered securities through the sale and distribution of XRP.

Ripple decided to fight the lawsuit, investing substantial resources in the legal proceedings. The outcome of the case holds significant significance for the cryptocurrency industry, as it determines the regulatory oversight faced by digital asset firms.

Although a recent summary judgment by Judge Torres concluded that Ripple’s initial sale of XRP to institutional investors could be classified as a securities offering, subsequent trading of the token on crypto exchanges does not fall under the same classification.

The decision provides a level of clarity regarding the regulatory status of the token and sets a precedent for similar cases involving other cryptocurrencies.

The market reacted enthusiastically to the court’s decision as XRP saw a surge in value, rising more than 75% compared to its price at the start of Thursday. Coinbase’s share prices also saw a significant jump of over 24% after the verdict.

Featured Image from iStock, Chart from Tradingview.com