Crypto Exchanges Re-list XRP Following SEC Victory

Multiple exchanges including Binance.US and Coinbase resume XRP support following the court ruling in favor of the coin.

Crypto Exchanges Re-list XRP Following SEC Victory

According to Coin68's latest compilation, leading exchanges such as Coinbase, Crypto.com, Kraken Pro, Gemini, and Binance.US have begun or are considering re-listing XRP.

This move comes immediately after the court ruling early this morning on July 14 (Vietnam time). Specifically, Judge Analisa Torres, overseeing the three-year lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, declared that XRP transactions do not constitute investment contracts, marking a significant victory for the project.

Shortly thereafter, a wave of confirmations from top crypto trading platforms regarding their intention to re-list XRP followed.

Kraken Pro announced via Twitter that it will provide XRP trading services in USD, EUR, GBP, and over 20 other fiat currencies.

Simultaneously, Crypto.com stated its re-support for XRP across all platform services.

Gemini also joined in, revealing considerations for re-listing XRP:

"With today's ruling that the sale of XRP on exchanges is not a security, Gemini is in the process of deciding to re-list XRP for both spot and derivatives trading."

Following suit, Coinbase, the largest cryptocurrency exchange in the U.S., confirmed its reactivation of XRP. Chief Legal Officer Paul Grewal tweeted:

"We have carefully analyzed Judge Torres' decision and have thoroughly considered it. It's time to relist."

Just two hours ago, Binance.US resumed deposits, withdrawals, and trading for the XRP/USDT pair.

To put this into context, many U.S. exchanges delisted XRP when the SEC filed a lawsuit against Ripple Labs at the end of 2020. At that time, the SEC alleged that Ripple illegally offered securities and raised $1.3 billion from XRP. Throughout this period, XRP was considered a security based on the Howey test for investment contracts.

While uncertainties linger until the final legal judgment, this development is seen as a positive signal for the cryptocurrency industry, at least for now.

"It must be acknowledged that, after many trials and tribulations, the relisting and trading of a token described as not a security is a good indicator." - Justin d'Anethan, Keyrock representative commented.

Youwei Yang, economist at Bit Mining, cautioned:

"Exchanges benefit from volatility around coins, as greed and fear are drivers affecting trading volume and fees. Exchanges and users may be overly optimistic, but the potential profits from reopening outweigh Ripple's litigation risks."

Meanwhile, Wayne Huang, co-founder of XREX exchange in Taipei, noted that the court's ruling has brought hope to many exchanges, especially platforms serving the U.S. market.

Updating on prices, XRP is currently trading around $0.779, marking nearly a 70% increase in the past 24 hours. Many other altcoins are also moving positively, with green dominating almost the entire market. Specifically, Bitcoin has seen an impressive morning "surge," nearing the $32,000 mark.

1-hour chart of the XRP/USDT pair on Binance as of 03:00 PM on July 14, 2023

Overall market price movements in the past 24 hours, Coin360 screenshot as of 03:00 PM on July 14, 2023