Coinbase, the largest US-based cryptocurrency exchange, has announced that it will relist XRP. The move follows a ruling by a US district judge that XRP is not a security, which was the basis for Coinbase’s prior decision to delist the token.
Coinbase said in a statement on its official Twitter account:
“Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset over other networks or your funds may be lost.”
Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset remain available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) July 13, 2023
“If liquidity conditions are met, trading is expected to start later today. Once there is sufficient supply of this asset, trading will be phased in on our trading pairs XRP-USD, XRP-USDT, and XRP-EUR,” Coinbase stated.
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Judge Analisa Torres’s Verdict
In her decision, Judge Analisa Torres stated that “the sale of XRP on exchanges does not constitute the sale of a security.” This is a significant victory for Ripple, the company that created XRP. In 2020, the SEC sued Ripple, arguing that XRP was an unregistered security. However, Torres ruled that XRP is not a security because it is not promoted as an investment contract.
The relisting of XRP on Coinbase is likely to have a significant impact on the token’s price. XRP is currently trading around $0.40, but it could skyrocket if Coinbase’s decision increases demand for the token.
“This is a great day for the XRP community,” said Ripple CEO Brad Garlinghouse. “We are grateful to Judge Torres for her thoughtful ruling, which recognizes the true nature of XRP as a utility token.”
Another prominent cryptocurrency exchange, Gemini, has stated that it is considering relisting XRP. If Gemini follows Coinbase’s lead, the price of XRP may rise even further.
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The relisting of XRP is an encouraging sign for the cryptocurrency industry as a whole. It demonstrates that the SEC is willing to admit that not all cryptocurrencies are securities, which could pave the way for the listing of other previously delisted coins.
“This is a significant victory for the cryptocurrency industry,” said John Deaton, an attorney defending XRP holders in the SEC case. “It demonstrates that the SEC will not treat all cryptocurrencies as securities, which is a significant step forward.”
The relisting of XRP on Coinbase is an important step forward for the cryptocurrency industry. It could result in higher demand for XRP and pave the way for the listing of previously delisted tokens.
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