- Gemini announced it may restart offering trading services for XRP on its platform
- The announcement came hours after Ripple vs SEC case saw a final hearing in court
The infamous cryptocurrency known for its battle with the SEC, XRP, saw its price skyrocket over the past few hours. The credit for this rise goes to the conclusion of the long-awaited court battle between Ripple and the US Securities and Exchanges Commission (SEC). In its final ruling, the Judge declared that XRP did not constitute the sale and offer of an investment contract.
This ruling meant that the sale of the coin on crypto exchanges and through algorithms was not a security. This could significantly alter the SEC’s actions against all the other altcoins and could even open doors for new regulation.
However, the court did also rule that the institutional sale, XRP sold directly to institutional buyers and other investors, breached the federal securities law. The next phase of this case will see both parties presenting their arguments in a trial court. The date for the same would be determined in a separate order, along with the pre-trial deadlines.
While Ripple won part of the case, it was, nonetheless, a significant one. The effects of it were shown on the price of XRP. According to CoinMarketCap, XRP was trading at $0.819 at press time and the coin registered a double-digit rise of over 17% in the past hour. The last 24-hour chart showed that XRP’s value had skyrocketed by over 70%, while the past seven-day chart registered a similar rise.
Read XRP’s Price Prediction 2023-24
XRP to make a comeback on leading crypto exchanges?
What was notable was that immediately after the ruling, Gemini – the leading American crypto exchange – announced that it may relist XRP. The cryptocurrency witnessed an exodus of several American crypto exchanges after the SEC launched a lawsuit against Ripple.
Coinbase, another leading American exchange, immediately announced that it would suspend trading of XRP, and eventually delisted it earlier this year citing low usage. However, as per this latest update, Coinbase decided on relisting XRP for trading after the final verdict on the SEC vs Ripple lawsuit.
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
Other exchanges that delisted the token included Crypto.com, OKCoin, Bitstamp, Gemini, and even a crypto fund manager – Bitwise Asset Management.
However, with the new ruling, the delisting sage could come to an end as exchanges would likely not face regulator repercussions. And, Gemini seems to be taking the lead. The exchange announced on Twitter that it might re-offer services to XRP on its platform. The announcement read,
“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.”
Meanwhile, Cameron Winklevoss – the co-founder of Gemini – also joined in on the victory celebration on Twitter. He said,
“The sale of XRP on exchanges is NOT a security. Which means the sales of all cryptos on exchanges are NOT securities and @SECGov and @GaryGensler have NO jurisdiction over them. This is a watershed moment that relegates the SEC to TradFi and makes it a dinosaur regulator. Buh-bye”
