XRP Relisted by Exchanges After Court Ruling

XRP Relisted by Exchanges After Court Ruling

Following a court ruling, several major cryptocurrency exchanges, including Kraken, Crypto.com, and Bitstamp, have reintroduced XRP to their platforms. This decision comes after Coinbase, another leading exchange, made the same move. The rush to relist XRP for U.S. users stems from a partial ruling in the Securities and Exchange Commission's case against Ripple Lab. In the ruling, Federal District Judge Analisa Torres declared that the XRP token is not inherently a security, except when it is sold to raise funds from institutions. Although the case did not directly address secondary sales of XRP, the court's determination that it is not a security has provided a boost of confidence to crypto exchanges, enabling them to offer the token once again. Marco Santori, Kraken's Chief Legal Officer, expressed his views on Twitter, stating, "We view the Court's decision as a first step toward meaningful legal clarity in the US. Clarity allows us to plan, to hire and to invest here, where we were founded." This sentiment reflects the positive impact of the ruling on the industry, paving the way for potential growth and development. Some exchanges had previously suspended trading of XRP after the SEC alleged that it was a security in late 2020. However, Bitstamp announced the token's return, attributing its decision to the recent court ruling. The platform emphasized the popularity of XRP among its customers, ranking it as the most preferred asset after Bitcoin (BTC) and Ethereum (ETH), highlighting its significance to their platform. The court ruling has sparked optimism within the crypto industry. Gemini, another well-known exchange, has expressed interest in exploring the relisting of XRP. Cameron Winklevoss, co-founder of Gemini, tweeted that this ruling could shift the balance away from the SEC's regulatory efforts, relegating it to traditional finance and rendering it an outdated regulator. The positive news has not only boosted industry sentiment but has also had a substantial impact on the price of XRP. At the time of writing, the asset's value had surged to nearly 78 cents, representing a remarkable 64.8% increase within a 24-hour period, as reported by CoinGecko. Additionally, other cryptocurrencies, such as BTC and ETH, experienced price increases of 2% and 6%, respectively, indicating the broader positive market sentiment. In conclusion, the court ruling on XRP has prompted major exchanges to relist the token, signaling renewed confidence in its status as a non-security. The decision has generated optimism within the crypto industry, potentially paving the way for further listings and regulatory developments. Furthermore, the significant price surge of XRP underscores the positive impact this ruling has had on market sentiment overall.

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