Bybit, a prominent cryptocurrency exchange, has decided to introduce XRP trading against the Euro (XRP/EUR) on its spot trading platform. This move comes in the wake of Ripple’s recent legal triumph against the United States Securities and Exchange Commission (SEC), which has revitalized interest in XRP, the digital currency associated with Ripple.
Bybit’s Announcement
Bybit officially announced the expansion of its trading pairs to incorporate XRP/EUR on September 4. This addition provides Bybit users with the opportunity to seamlessly trade XRP for Euros, thereby broadening the range of investment choices available on the platform.
In addition to XRP/EUR, Bybit has introduced Euro trading pairs for seven other cryptocurrencies. These include BTC/EUR, ETH/EUR, LTC/EUR, DOGE/EUR, ADA/EUR, USDC/EUR, and SOL/EUR. By offering this array of Euro-based trading options, Bybit aims to cater to its diverse user base.
Ripple’s Legal Victory’s Impact
The decision by US District Judge Analisa Torres, which ruled that XRP is not considered a security when purchased by retail investors through cryptocurrency exchanges or used by service providers, has played a pivotal role in this development.
Moreover, this legal victory has spurred cryptocurrency exchanges to expedite the listing or relisting of XRP, opening up fresh investment opportunities for users.
Industry-Wide Trend
Bybit’s decision to list XRP/EUR aligns with a broader trend in the cryptocurrency industry following Ripple’s legal success, the Liechtenstein Cryptoassets Exchange (LCX) promptly listed XRP against various popular trading pairs, including USDC, Euro, and its native currency, LCX.
Moreover, several other major cryptocurrency platforms, including Gemini, Coinbase, Kraken, and Crypto.com, have also reintroduced XRP to their services.
Further, Bybit’s move to introduce the XRP/EUR trading pair is a testament to the resurgence of interest in XRP following Ripple’s legal victory. Also, this expansion of trading options demonstrates the cryptocurrency industry’s responsiveness to evolving regulatory developments, and its commitment to providing users with diverse investment opportunities.
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