In the past hour it’s been announced that the Coinbase and Kraken crypto exchanges will relist Ripple’s $XRP token following today’s court ruling that XRP is not a security.
Earlier today, after a near three-year battle, the US District Judge Analisa Torres, declared that XRP is not a security when traded on secondary exchanges, even if institutional sales meet the criteria — handing Ripple and the global crypto community a huge boost.
The ruling states: “XRP, as a digital token, is not in and of itself a ‘contract, transaction[,] or scheme’”’ that embodies the Howey requirements of an investment contract.”
Following the happy news, Coinbase’s chief legal officer Paul Grewal tweeted: “We’ve read Judge Torres’ thoughtful decision. We’ve carefully reviewed our analysis. It’s time to relist.”
According to Coinbase: “Trading is anticipated to begin later today, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT and XRP-EUR trading pairs will launch in phases. Support for XRP may be restricted in some supported jurisdictions.”
The Kraken exchange has also revealed that trading for Ripple has now started in the US. The blog adds: “Kraken is excited to announce that United States residents can deposit and trade XRP!
“Trading via the Kraken app and instant buy will be available once liquidity conditions are met (when a sufficient number of buyers and sellers have entered the market and orders can be efficiently matched).”
Gemini is also considering listing XRP. It says: “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.”
At the time of writing, the price of XRP is trading at $0.8154 – up 72.89% in the past day, with the global market up a 6.48% rise to $1.26trn. What’s even more striking, is that XRP has now overtaken BNB as the fourth-largest cryptocurrency by market capitalisation.