Major crypto exchanges such as Coinbase (COIN) and Kraken have relisted the XRP token (XRPUSD) after a federal judge ruled yesterday that XRP is not a security. XRP prices are up almost 25% today, making the token now the fifth-largest cryptocurrency by market capitalization.
Key Takeways
Coinbase, Kraken, and other major crypto exchanges have relisted Ripple's XRP in response to a court ruling that the digital asset itself is not an offering of an investment contract.
Coinbase stock rose on the news of the ruling, in anticiation that it will be helpful in the crypto exchange's own court case against the U.S. Securities and Exchange Commission (SEC).
The ruling in the Ripple case should not be viewed as the final say on crypto asset regulation, as the SEC can still appeal the ruling and the U.S. Congress is currently developing legislation around the crypto industry.
Coinbase, Kraken, and Others Relist XRP for Trading
U.S. District Judge Analisa Torres determined that XRP is not a security when traded on secondary exchanges, granting Ripple a partial victory in the ongoing case that began in December 2020.
Coinbase began XRP trading again once liquidity conditions were met on Thursday. Similarly, Kraken has also relisted XRP for U.S. traders, with trading against various fiat pairs as well as ETH, BTC, and USDT.
Gemini has also expressed its exploration of listing XRP for both spot and derivatives trading. Additionally, Bitstamp, which has a longstanding relationship with Ripple, also relisted the digital asset for its U.S. customers on Thursday.
The recent ruling in the Ripple case has given analysts a more positive outlook about Coinbase for its own case with the SEC. Coinbase and Binance were both recently sued by the regulator for allegedly operating unlicensed securities exchanges. Notably, Binance never delisted XRP from its trading platform based outside the U.S.; however, XRP was delisted from its Binance.US affiliate.
Coinbase stock saw a significant increase of roughly 24% in the past two days. The stock had also already been on an upswing in response to recent filings for spot bitcoin ETFs by major traditional finance players such as BlackRock.
Questions Still Remain
Despite the view from multiple exchanges that it is now safe to relist XRP on their platforms, a number of crypto legal experts have pointed out that the classification of XRP as a non-security is not necessarily set in stone. For one, the legal classification of various crypto assets is far from finalized, and the SEC still has the ability to appeal the decision handed down on Thursday.
"The only thing this ruling guarantees for cryptocurrency issuers, then, is continued uncertainty in the cryptocurrency markets – uncertainty which Congress, and only Congress, can step in to correct," wrote Brown Rudnick Partner Preston Byrne.
Additionally, there is a note in the Ripple court order that explicitly states that the court has made no ruling on whether secondary sales of XRP on exchanges constitute an investment contract offering. "The Court does not address whether secondary market sales of XRP constitute offers and sales of investment contracts because that question is not properly before the Court," the order said.
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Kraken is a cryptocurrency exchange based in San Francisco where market participants can trade various cryptocurrencies bought or sold with fiat currencies. As of June 2024, Kraken was ranked sixth by CoinMarketCap for spot trading and fifth for derivatives trading.
, and other major crypto exchanges have relisted Ripple's XRP in response to a court ruling that the digital asset itself is not an offering of an investment contract.
Coinbase's decision to enable New York users to trade XRP comes almost one year after the exchange relisted XRP in July 2023 and when U.S. District Judge Analisa Torres ruled in favor of Ripple Labs in its case against the U.S. Securities and Exchange Commission, in which the sale of XRP on exchanges for retail ...
Fortunately in United States, you can buy XRP on Coinbase's centralized exchange. Coinbase is the most trusted place for people and businesses to buy, sell, and manage XRP.
So Coinbase's legal team worked with the state. to figure out if they could relist it, and in fact, they came to an agreement. Yes, XRP is being relisted on Coinbase in New York.
The price of XRP spiked 26% following the ruling, which Ripple CEO Brad Garlinghouse characterized as a "victory" for the company and the crypto industry. Crypto legal experts indicate an appeal is likely, so the Ripple vs. SEC saga may not be completely over.
Home » Can XRP Reach $100 Dollars? To reach $100, XRP must climb 270 times. At $100, the market capitalization of XRP would be $5.1 trillion. If XRP rose at a 25% annual pace, it would take at least 26 years to hit $100.
New York is known for its stringent cryptocurrency regulations. This reinstatement will allow local users to trade and store XRP on Coinbase, including through its mobile app.
Using the Uphold XRP wallet will provide you with a safe, convenient, alternative way to store your funds. Uphold takes security extremely seriously, incorporating the robust industry standards to protect your funds at all times.
Coinbase, Kraken, and other major crypto exchanges have relisted Ripple's XRP in response to a court ruling that the digital asset itself is not an offering of an investment contract.
Support for BCH, ETC, XLM, and XRP in Coinbase Wallet was discontinued on February 20, 2023, due to low usage. If you held these assets, they will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase.
If you have assets on networks that were previously supported by Coinbase Wallet (BCH, ETC, XLM, XRP), you will no longer be able to see or transact with those assets after February 20th, 2023.
Ripple lawsuit ruling awaited. Ripple could see the end of its lawsuit with the Securities and Exchange Commission soon, per recent reports. An analyst predicts XRP rally to $17 through the Bent Fork chart, a bullish thesis for the altcoin.
Notably, the SEC and Ripple have until early October (60 days from the August 7 final judgment) to file an appeal. An appeal against the Programmatic Sales of XRP ruling could adversely impact XRP.
Selling ripple (XRP) is no longer a mystery to you. You can sell your coins by creating an account, starting a sell order and sending the ripple from your wallet to the address we've provided you with.
XRP is forecasted to see a price range from a support of $0.49 to a resistance of $0.66 in 2024, with an average trading value of $56. This indicates the potential for XRP to move much higher on the long run provided critical support will be respected in 2024.
And the injunction means that while legally per the decision XRP is “l*ttle more than an alphanumeric cryptographic sequence” and not itself a security, Ripple cannot continue selling the token to U.S. accredited investors.
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:max_bytes(150000):strip_icc()/COIN_SPXTR_chart1copy-60e9e0dda4f54d80be9cb30d8f254977.jpg "Crypto Exchanges Allow XRP Trading After Ripple Ruling (1)")
