Coinspeaker
Gemini, Kraken, and Bitstamp to Resume XRP Trading Following Court Ruling
On Thursday, US District Judge Analisa Torres concluded that Ripple Labs Inc violated rules when offering XRP in institutional sales, while programmatic sales were not found to constitute an unregistered securities offering.
The ruling reads:
“Based on the totality of circumstances, the Court finds that reasonable investors, situated in the position of the Institutional Buyers, would have purchased XRP with the expectation that they would derive profits from Ripple’s efforts.”
Further, it states:
“Having considered the economic reality and totality of circumstances, the Court concludes that Ripple’s Programmatic Sales of XRP did not constitute the offer and sale of investment contracts.”
In the ruling, a US judge has officially clarified that Ripple XRP does not fall under the classification of security, thus resolving the long dispute between XRP and the SEC.
Following the court’s decision that marks a milestone for the crypto industry, various crypto exchanges that suspended XRP trading and delisted the coin announced their plans to bring the currency back to their platforms. As we have reported, one of the first crypto exchanges to relist Ripple’s token is Coinbase Inc (NASDAQ: COIN). As soon as there is enough liquidity for the XRP token on its platform, it will resume trading in XRP-USD, XRP-USDT and XRP-EUR pairs.
A few other exchanges followed Coinbase, exploring the opportinities for XRP relisting. Among them are Gemini exchange, Kraken exchange, and Bitstamp. All of them withdrew their XRP listings in the wake of the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple over its XRP sales back in 2020.
For example, Gemini delisted XRP back in December 2020. Now, the exchange is looking to bring XRP for both spot and derivatives trading. The company has taken to Twitter to make an official announcement:
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.
— Gemini (@Gemini) July 13, 2023
Further, Kraken also announced relisting of XRP on its trading platform. The exchange noted that XRP would be tradable against all fiat currency and the pairs of Bitcoin (BTC), Ethereum (ETH), and USDT.
? New token available for USA ???
✔️ $XRP @ripple
✔️ Trading is now LIVELearn more ? https://t.co/eqleKbTIQj pic.twitter.com/qGIqqvP9FZ
— Kraken Pro (@krakenpro) July 13, 2023
Bitstamp has also resumed XRP trading, users in the US are already able to buy, sell, and trade XRP on the Bitstamp USA platform. Notably, Ripple owns a minority stake in Bitstamp.
Crypto.com and BitGo have also congratulated Ripple on the victory, expressing enthusiasm about bringing XRP back. XRP trading is already live on both the platforms.
The news had a notable effect on the price of XRP, resulting in a 30% surge immediately after the court’s ruling. The coin has rocketed by over 77% in the last 24 hours, highest since April of last year. As of the press moment, XRP is trading at $0.7814.
Gemini, Kraken, and Bitstamp to Resume XRP Trading Following Court Ruling
