Coinbase, the largest crypto exchange in the United States, has finally been relisted XRP, the cryptocurrency majorly distributed by Ripple.
It can be recalled that Coinbase revealed its intention to relist XRP a few hours ago following the court’s verdict about its security status.
W.
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
Read Also: U.S. Faster Payment Council Points Up Ripple and XRP’s Cross-Border Payment Capacity
XRP Now Fourth Largest Cryptocurrency
As expected, XRP has embarked on a meteoric trend in terms of price since the outcome of the long-standing lawsuit was brought to the public notice.
For the most part of the last two years, XRP had been changing hands between 6th and 7th in the market ranking. But after the bullish announcement, the digital asset went ballistic. It jumped to surpass both USD Coin (USDC) and Binance Coin (BNB) within a few hours.
At the time of writing, XRP is trading at $0.783, with a relatively 66% price upsurge in the last 24 hours, according to CoinMarketCap.
Brad Garlinghouse: The Most Important Part is that XRP is Not a Security
Although there are still court proceedings after the recent victory, Ripple CEO Brad Garlinghouse said the most important part of this ruling is that XRP is deemed as a digital token.
Brad Garlinghouse tweeted, “The most important part of this ruling: “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.” This is now a matter of law (not up for trial.).”
The most important part of this ruling:
“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.”
This is a now a matter of law (not up for trial.)
— Brad Garlinghouse (@bgarlinghouse) July 13, 2023
The decision is also a major victory for the cryptocurrency industry as a whole. It sets a precedent that could bring regulatory clarity to the crypto industry in the United States.
Garlinghouse also said in a statement that the ruling was “a watershed moment for the crypto industry.” He added that the decision “validates our belief that XRP is a utility token and not a security.”
The decision sent shockwaves through the crypto community, and the price of XRP has risen by more than 65% in the past 24 hours.
Read Also: Analyst Says Lawsuit Against Ripple Executives is As Good As Lost. Here’s why
What Does This Mean for the Future of Crypto Regulation?
The Ripple ruling is a major victory for the cryptocurrency industry, but it is not the end of the story. The SEC is still considering whether to appeal the decision, and it is possible that the case could go to the Supreme Court.
Even if the SEC does not appeal, the ruling is likely to have a significant impact on the future of cryptocurrency regulation. The SEC’s case against Ripple was based on the argument that XRP is a security because it was sold to investors with the expectation of profit. However, the court found that XRP is not a security because it is not an investment contract.
It has been deduced that this ruling could make it more difficult for the SEC to regulate other cryptocurrencies in the future. If the SEC cannot argue that a cryptocurrency is a security simply because it is sold to investors with the expectation of profit, then it will have to find other ways to regulate the industry.
It is still too early to say what the long-term impact of the ruling will be, but it is clear that it is a major victory for the cryptocurrency industry. The ruling could help to pave the way for more innovation and investment in the space.
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