The recent development with Ripples Lab has prompted major US-based exchanges to reconsider their stance on the token, with Coinbase, Kraken, and iTrustCapital already taking steps to re enable XRP listings. Gemini, among others, is also contemplating joining the trend.
After a prolonged legal battle with the United States Securities and Exchange Commission (SEC), Ripple Labs has received a favorable court ruling, signaling a potential resurgence for the XRP coin on cryptocurrency exchanges.
Gemini Announces Plans to List XRP, Coinbase Resumes Trading
In an announcement on July 13, Gemini, a prominent crypto exchange, expressed its intention to explore listing XRP for spot and derivatives trading. This decision came shortly after a court declared that XRP does not fall under the SEC’s regulatory jurisdiction. Similarly, Coinbase, one of the largest cryptocurrency exchanges, revealed its plan to resume XRP trading after nearly two years.
The recent legal precedent established by the Ripple case may provide some relief for exchanges dealing with XRP. This is especially in light of the SEC’s previous actions against Binance and Coinbase for allegedly offering unregistered securities. This victory significantly weakens the SEC’s claim of authority over underlying assets, as noted by Sheila Warren, the CEO of the Crypto Council for Innovation.
Reemergence of XRP on Exchanges
While Coinbase and Kraken have taken definitive steps to reintroduce XRP trading, other exchanges that delisted the coin in 2020 and 2021, such as OKX, have yet to announce their plans regarding XRP. However, they have shown support for the court decision. They indicated a positive sentiment toward XRP’s reinstatement.
Further, iTrustCapital, a crypto firm, proudly announced itself as the first to revive XRP trading. However, Kraken initially provided a more ambiguous response before eventually confirming the relisting of the token.
Uphold Stands Firmly with the XRP Community
When the SEC brought charges against Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen in December 2020, numerous exchanges offering services to US users promptly delisted XRP.
Uphold, a crypto payments processor and exchange operator, decided to withhold any action related to XRP until the court case concluded. Uphold has expressed its support for the recent court ruling and emphasized its commitment to standing by the XRP community.
By leveraging the legal victory in court, US crypto exchanges are giving XRP a much-needed second chance. This favorable turn of events has the potential to reestablish XRP’s prominence in the cryptocurrency market, while also reshaping the regulatory landscape for digital assets.
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