In a significant development for the cryptocurrency community, XRP, a digital asset closely linked to Ripple Labs Inc., has marked its return to the renowned crypto exchange CEX.IO after nearly two years. This Wednesday, Ripple Labs Inc. announced the relisting, highlighting its commitment to catering to its U.S. customer base.
The relisting on CEX.IO enables users to access a comprehensive range of services, including buying, selling, converting, depositing, and withdrawing Ripple (XRP) through the X app. This move mirrors a broader trend in the crypto industry, where exchanges are increasingly reconsidering their stance on XRP.
Notably, the relisting spree follows Ripple’s favorable outcome in its legal skirmish with the U.S. Securities and Exchange Commission (SEC). Major U.S. exchanges like Coinbase, Gemini, Kraken, Binance.US, and Crypto.com have resumed XRP trading since mid-July. The decision was significantly influenced by Judge Analisa Torres’ ruling, which opposed the SEC’s claim that XRP constituted securities.
Binance.US, in particular, acknowledged XRP’s unique capabilities. These include facilitating swift, low-friction value transfers, which makes it an ideal solution for institutions handling cross-border transactions. Consequently, the coin has seen a notable surge in value, underscoring its efficiency in international payments and widespread adoption in various projects and procedures.
The relisting signifies a major turnaround for XRP. The cryptocurrency faced widespread delisting across several protocols and exchanges following the SEC’s enforcement action in December 2020. U.S.-based exchanges like Coinbase and Kraken and Canada’s Newton removed XRP from their offerings, citing legal and regulatory concerns.
However, the landscape began to shift following the July 13 verdict, which has been pivotal in shaping the trajectory of the Ripple-affiliated currency over the past few months. The relisting of XRP on CEX.IO and other major exchanges marks a resurgence of confidence in the digital asset, reflecting a positive outlook for its future.
The relisting of XRP on CEX.IO and its subsequent adoption by other leading cryptocurrency exchanges is more than just a mere resurgence; it’s a testament to the resilience and potential of this digital asset. As Ripple Labs Inc. continues to navigate the complex legal and regulatory environment, this latest development offers a glimpse of stability and growth for XRP in the dynamic world of cryptocurrencies.
