Major cryptocurrency exchanges have resumed trading XRP on their platforms after Ripple Labs scored a partial victory in its lawsuit against the United States Securities and Exchange Commission (SEC).
Crypto.com and Kraken led the way as both exchanges announced on July 13, 2023, during Asian trading hours, that XRP has once again been made available for trading on their platforms. Crypto.com took to Twitter to inform its users that they can now buy XRP at its true cost using various fiat currencies, including USD, EUR, GBP, and more.
#XRP is back in the US ????????
Now everyone can trade $XRP in the https://t.co/vCNztATkNg App ????
Buy XRP at true cost with USD, EUR, GBP, and 20+ fiat currencies.
Download the App to start trading now
???? https://t.co/jt6bDD8HsI@Ripple pic.twitter.com/DCHZx0eGQN— Crypto.com (@cryptocom) July 14, 2023
???? New token available for USA ????????????
✔️ $XRP @ripple
✔️ Trading is now LIVELearn more ???? https://t.co/eqleKbTIQj pic.twitter.com/qGIqqvP9FZ
— Kraken Pro (@krakenpro) July 13, 2023
Coinbase, though involved in a legal battle with the U.S. SEC, joined the train and announced the resumption of XRP trading on its platform. Paul Grewal, Coinbase’s Chief Legal Officer, tweeted that they had thoroughly analyzed the situation and carefully reviewed Judge Torres’ insightful decision. Grewal stated that they deemed it the appropriate time to relist XRP on their platform.
Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset remain available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets ????️ (@CoinbaseAssets) July 13, 2023
Gemini also noted it is considering offering XRP for both spot and derivatives trading.
Given today’s 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.
— Gemini (@Gemini) July 13, 2023
Ripple has been locked in a legal battle with the United States Securities and Exchange Commission (SEC) since 2020 after the regulator accused it of selling XRP as an unregistered security. However, in her ruling on July 13, 2023, U.S. District Judge Analisa Torres maintained that Ripple’s XRP token sale on exchanges and through algorithms did not constitute investment contracts and thus couldn’t be classified as securities.
However, the status of XRP is still uncertain. The legal battle resulted in a split decision and did not provide a definitive resolution. Judge Torres also declared Ripple’s sales to institutional customers as illegal securities sales. It is possible that the ruling could be appealed, and the case may proceed to trial.
As Ripple’s legal battle unfolds, the resumption of XRP trading on various exchanges marks a potential turning point for both Ripple and the broader cryptocurrency market.
Crypto companies may gain more confidence in their legal battles against the U.S. SEC with this development. The regulatory body has filed multiple lawsuits against exchange platforms, including Binance and Celsius Network being the latest.
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