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- Coinbase and Kraken have re-enabled support for XRP.
- Gemini announced it was exploring the resisting, with the exchange announcing possibe re-enabling for spot and derivatives.
- XRP was today ruled not to be a security as the SEC alleged in its lawsuit against Ripple.
Crypto exchanges Coinbase and Kraken have re-enabled XRP trading for their US customers. Coinbase was first to announce the re-listing of the Ripple token, with Kraken swiftly joining it as XRP prices skyrocketed.
Gemini also announced it was exploring re-listing of XRP for both spot and derivatives trading.
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.
— Gemini (@Gemini) July 13, 2023
But Coinbase said in its announcement that XRP trading could still be restricted in some jurisdictions.
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.
— Coinbase Assets 🛡️ (@CoinbaseAssets) July 13, 2023
XRP’s price gains and the crypto exchanges’ actions came after a US court had earlier on Thursday ruled that XRP was not a security.
XRP court decision “first step” toward regulatory clarity
Commenting on the decision to re-enable XRP trading, Marco Santori, Kraken’s Chief Legal Officer, said:
“This morning, the Federal Court for the Southern District of New York ruled that XRP is not a security. As such, just a few minutes ago, Kraken re-enabled trading in XRP for US users.”
Santoru added that the exchange is looking at the court’s decision on XRP as one more step towards regulatory clarity in the United States. But while crypto markets reacted bullishly to the news, Santori notes that there could still be some “twists and turns” with regard to the case.
“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 in here, where we were founded. The case is still likely to take some twists and turns, and other cases will follow similarly winding paths. Capitol Hill is working hard, too. Multiple bills are making their ways through congress. This is going to take years,” he added.
As highlighted here, news of the judge’s decision against SEC triggered massive buying pressure for XRP. The token’s rally also sparked upward momentum for Stellar (XLM) and several other altcoins.