United States-based cryptocurrency exchange Gemini has hinted at plans to relist the XRP token on its platform, following Ripple’s recent legal victory in the U.S. Securities and Exchange Commission (SEC) lawsuit. The development comes in the wake of several top crypto exchanges, including Coinbase and Kraken, already reinstating XRP trading after the July 13, 2023 Summary Judgment by Judge Analisa Torres. Her ruling effectively reopened the doors for XRP trading on U.S. exchanges, as it clarified that XRP sales do not fall under securities regulations. Consequently, XRP trading volumes surged, and the token’s price experienced an immediate 60% jump.
Gemini CEO Expresses Bullish Sentiment on Bitcoin Accumulation
On July 13, Gemini revealed its intentions to explore listing XRP for both spot and derivatives trading on its platform, taking into account the favorable ruling in favor of Ripple. Adding fuel to the speculation, the official Twitter handle of Gemini responded to a user query about the possible relisting of XRP with a ‘Thinking Face Emoji,’ further hinting at the exchange’s plans.
In a separate development, Cameron Winklevoss, the co-founder, and CEO of Gemini, expressed a bullish sentiment surrounding Bitcoin accumulation. Winklevoss stated that the recent flurry of spot Bitcoin ETF filings marked the beginning of a significant accumulation of Bitcoin. This statement indicates his positive outlook on the future price movement and adoption of the leading cryptocurrency.
The Road to Relisting
Ever since the SEC filed a lawsuit against Ripple Labs, the company behind XRP, in December 2020, many major cryptocurrency exchanges in the United States suspended XRP trading to avoid potential legal ramifications. However, on July 13, 2023, Judge Analisa Torres handed down a Summary Judgment that favored Ripple, signaling a turning point for the embattled token. The ruling clarified that XRP did not meet the definition of security, bringing relief to the XRP community and paving the way for its return to trading platforms.
Coinbase and Kraken were among the first exchanges to announce the reinstatement of XRP trading following the court’s decision. Now, it seems that Gemini is also preparing to relist the token, as indicated by the exchange’s official Twitter response, which has sparked speculation among traders and investors alike.
Upon the news of XRP’s possible relisting, the token’s trading volumes experienced a notable surge, reflecting renewed interest and confidence in the asset. The price of XRP also skyrocketed by as much as 60% shortly after the Judge’s ruling, suggesting a substantial positive sentiment among market participants.
Gemini’s Potential Relisting Decision
As one of the leading cryptocurrency exchanges in the United States, Gemini’s potential relisting of XRP could have a significant impact on the token’s trading volume and price dynamics. With XRP being relisted on multiple prominent platforms, liquidity for the token is expected to increase further, making it more accessible to a broader range of investors.
Beyond the XRP relisting news, Gemini’s CEO, Cameron Winklevoss, expressed bullish sentiment towards Bitcoin, highlighting the recent surge in spot Bitcoin ETF filings as an indicator of significant Bitcoin accumulation. The influx of institutional interest and investment in Bitcoin is seen as a positive sign for the cryptocurrency’s future growth and adoption.
Conclusion
The possible relisting of XRP on Gemini’s platform signals a promising future for the token following the favorable SEC lawsuit outcome for Ripple. If Gemini does proceed with the relisting, it could further boost XRP’s trading volume and price trajectory, while also solidifying the token’s position in the cryptocurrency market. Additionally, Cameron Winklevoss’ optimism surrounding Bitcoin accumulation indicates growing institutional interest in the leading cryptocurrency, setting the stage for potential further price appreciation and mainstream adoption.
