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Coinbase And Other Exchanges Relist XRP After Court Ruling Against SEC

Jai Pratap
Last updated: | 2 min read
Source: Adobe 

US crypto exchanges Coinbase, Kraken, Gemini, and Bitstamp have announced to relist XRP after a US federal court ruled that selling the token on exchanges did not constitute an investment contract. 

The entire ruling was not in favor of Ripple as Judge Torres made it clear that institutional sale of the tokens did violate federal securities laws.

The price of XRP shot up as much as 70% after Ripple scored a partial win against the US Securities Exchange Commission (SEC) on Thursday. 

After the federal court’s ruling, US crypto exchanges announced plans to relist the layer one token. 

The leading US-based crypto exchange Coinbase announced in a tweet on Thursday that they will re-enable trading for XRP (XRP) on the XRP network. 

“Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT and XRP-EUR trading pairs will launch in phases,” the crypto exchange added.

At the time of writing, XRP trading is live on the US-based exchange. 

US Crypto Exchanges Embrace XRP 

After Coinbase, Gemini also announced its plans to relist XRP on its platform. 

The exchange announced that given the latest ruling that the sale of XRP on exchanges is not a security, Gemini is exploring the listing of XRP for both spot and derivatives trading.

Kraken announced in a blog post that XRP trading is now live on its platform for U.S. users.

Joining the list of exchanges embracing XRP, Bitstamp said that they have resumed trading of XRP in the US effective immediately following the federal court’s ruling in Ripple’s case. 

US-based exchange tweeted, “XRP is back in the US.” The cryptocurrency is now available for trading on the app, the exchange announced. 

Altcoins Rally Following Court Ruling Against SEC

XPP and other altcoins skyrocketed Thursday as the US court partially granted a motion for summary judgment in the SEC’s lawsuit against Ripple. 

XRP is currently trading at $0.7889, price level it had not seen since April last year. 

Cardano (ADA), Solana(SOL), and Polygon (MATIC) also registered a huge surge in their prices as they jumped 25%, 31% and 19% in the last 24 hours respectively. 

Stellar (XLM) is currently trading at $0.1528, up 58% since the federal court’s ruling. 

The US SEC has deemed over 60 cryptocurrencies as security in its different lawsuits against different crypto firms. 

The latest court ruling in Ripple’s case does not conclude the lawsuit as the case could still go to trial or be appealed.