- Following Ripple’s legal victory over the SEC, Coinbase announces plans to relist XRP, subject to liquidity conditions.
- The positive market sentiment around XRP boosts its value, sparking a massive rally with the coin’s price surging by over 74%.
In a bullish wave that has swept the cryptocurrency sphere, Coinbase, a leading crypto trading platform, has pledged its intention to relist XRP – the digital token tied to Ripple Labs. This decision follows on the heels of a momentous win for Ripple Labs in its legal contest with the U.S. Securities and Exchange Commission (SEC).
W for @ripple.
W for the industry.
W for the builders.
W for a clear rulebook.
W for updating the system.
Oh, and XRP is now open for trading.
— Coinbase 🛡️ (@coinbase) July 13, 2023
Coinbase Rekindles Alliance with XRP
In a testament to Ripple’s victory, Coinbase, the largest cryptocurrency trading platform in the United States, has stated it will
“re-enable trading for XRP on the XRP network.”
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The announcement came with a word of caution, urging users not to transfer the cryptocurrency to other networks, as such an action could result in permanent loss of funds. The digital currency trading, according to Coinbase, will commence later today, conditional on liquidity factors being satisfactory.
However, it is important to note that Coinbase initially delisted XRP in the aftermath of a lawsuit filed against Ripple Labs by the SEC in December 2020. The regulator contended that XRP was an investment contract, a claim that stirred considerable backlash. Now, in light of the judicial clarity regarding XRP’s status, Coinbase has reignited its commitment to the token.
The relisting of XRP on Coinbase follows a similar decision by rival exchange Uphold, which experienced technical difficulties due to massive retail buyups of XRP. These developments have amplified positive sentiments in the XRP market, contributing to a revival that has seen Bitcoin (BTC) retest the psychologically significant level above $31,000.
XRP’s Market Momentum
The positive ripple effect around XRP has stimulated a massive rally, with the coin’s price escalating by more than 74%. XRP also managed to leapfrog Binance Coin (BNB) in market capitalization, touching an impressive $43.9 billion, and a 24-hour trading volume exceeding $9.1 billion. The relisting of XRP on exchanges like Coinbase and Kraken is a strong signal of resurgence for this embattled digital token.
While Ripple’s legal journey isn’t over and the case is now heading for trial, the market has already responded optimistically. The Ripple versus SEC lawsuit culminated in a nuanced verdict. Judge Analisa Torres classified institutional sales by Ripple as securities but refrained from categorizing all other sales similarly. This ruling reaffirmed that XRP is not a security, providing relief for Ripple Labs and stirring a more rational conversation about cryptocurrency regulations.
In the ever-evolving landscape of the crypto world, these events mark a turning point not only for Ripple Labs and XRP but also for the wider cryptocurrency community.
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