Coinbase, Binance.US, and Other Top Crypto Exchanges Reinstate XRP Trading Support Afte SEC Ruling
In a significant development within the cryptocurrency industry, leading exchanges such as Coinbase, Binance.US, Kraken, and Bitstamp are resuming their support for XRP trading. This decision comes in the wake of a groundbreaking ruling by Judge Analisa Torres in the U.S. Securities and Exchange Commission’s lawsuit against Ripple Labs.
Coinbase, the prominent U.S.-based crypto exchange, took the lead by relisting XRP on Thursday, swiftly followed by Binance.US a day later. Both exchanges had temporarily suspended XRP trading shortly after the SEC initiated legal proceedings against Ripple in late 2020.
However, Coinbase and Binance.US are not the only platforms reestablishing XRP support for their U.S. users. Kraken and Bitstamp also made a similar move on Thursday, while Gemini expressed its intent to explore listing XRP for both spot and derivatives trading.
The SEC’s lawsuit accused Ripple of selling XRP as an unregistered security. Judge Analisa Torres, though, delivered a stunning blow to the crypto ecosystem by ruling that Ripple’s automated, open-market sales of XRP did not qualify as securities sales. Nevertheless, she sided with the SEC regarding Ripple’s direct sales of XRP to institutional participants, deeming them as securities offerings. The court is expected to announce a separate order setting a trial date for Ripple and the SEC in due course.
As of now, XRP is trading at $0.720. Following the ruling, the cryptocurrency experienced a substantial surge, rising nearly 52% since Thursday morning. However, in the past 24 hours, it has encountered a minor setback, declining by 9.62%.
This recent turn of events marks a crucial milestone in the ongoing XRP saga, with several major exchanges demonstrating renewed confidence in the cryptocurrency following the notable court ruling.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.