Kraken, Crypto.com Join Coinbase in Relisting XRP After Court Ruling
More major exchanges have reintroduced XRP to their platforms, following a U.S. court ruling on Thursday morning.
Kraken, Crypto.com, and Bitstamp have all greenlit trading of the cryptocurrency, which is the native token of the Ripple protocol after Coinbase did the same.
The rush to make XRP available again to U.S. users comes in the wake of a partial ruling in the Securities and Exchange Commission’s case against Ripple Lab.
Federal district judge Analisa Torres ruled that the XRP token “is not necessarily a security on its face,” except when sold to raise funds from institutions.
Created with Highcharts 10.3.3Jul 8Jul 10Jul 12Jul 14$0.4$0.5$0.6$0.7$0.8$0.9
Although the case did not concern secondary sales of XRP, the decision to proclaim that it is not a security has boosted the confidence of crypto exchanges to offer the token.
“We view the Court’s decision as a first step toward meaningful legal clarity in the US,” Marco Santori, Kraken’s chief legal officer, said on Twitter. “Clarity allows us to plan, to hire and to invest in here, where we were founded.”
Some exchanges had previously halted trading of XRP after the SEC alleged that it was a security in late 2020.
In a post announcing the token’s return, Bitstamp said its decision to relist had been prompted by the latest court ruling, and added that XRP is the asset “most preferred” by its customers after Bitcoin (BTC) and Ethereum (ETH), which makes the “especially important” to the platform.
More exchanges look set to add the token in the coming days, with Gemini announcing that it is exploring listing XRP again.
Gemini’s co-founder Cameron Winklevoss said on Twitter that the ruling could tip the scales away from the SEC in its efforts to regulate the crypto industry.
“This is a watershed moment that relegates the SEC to TradFi and makes it a dinosaur regulator,” he wrote.
The news has also given XRP’s price a major boost.
At the time of writing, the asset was worth almost 78 cents, a 64.8% jump in a 24-hour period, according to CoinGecko.
Other cryptocurrencies looked to be getting a lift from the upbeat industry mood as well, with BTC up 2% and ETH up 6% in the past day.