Judge says XRP is not a security; XRP is now the 4th largest cryptocurrency; Coinbase announces it will relist XRP.
As the Ripple and SEC case is coming to an end, a very important decision has been made regarding XRP.
US district judge Analisa Torres stated that Ripple Labs’ native token is not a security.
According to the filing on July 13, Judge Torres issued a summary judgment that the XRP token is not a security. XRP, which is not a security, will no longer be affected by the rules of the SEC.
The SEC sued the company in December 2020, alleging that Ripple’s XRP token is an unregistered security.
After the developments, the local token of the Ripple ecosystem, XRP, jumped from $ 0.45 to $ 0.96, according to the data of the Binance exchange. This reveals an increase of about 105%.
The developments caused a great wave of joy in the cryptocurrency community. Cardano founder Charles Hoskinson used the following statements in his tweet:
XRP is now the 4th largest cryptocurrency!
The XRP token price skyrocketed after the good news that you drank Ripple yesterday evening. Good news has finally come for Ripple, which has been fighting with the US Securities and Exchange Commission (SEC) since 2020.
The judge in the Ripple case with the SEC announced last evening that the XRP token is not a security. Counting the news as a victory, XRP turned its direction up and rose for hours. In parallel with the price increase in XRP, transaction volumes also peaked. With this, XRP rose to 4th place in the top hundred cryptocurrencies ranking on CoinMarketCap.
Just hours after the judge’s decision, XRP market capitalization increased by $21.2 billion to reach a new annual peak of $46.1 billion. and 7th, beating Circle’s USD Coin (USDC) and Binance’s BNB (BNB) token.
Ripple’s market cap jumped 84 percent after its partial victory over the SEC.
The District Court for the Southern District of New York has finally announced its long-awaited decision. In the lawsuit involving Ripple Labs and the SEC, it was said that XRP is not a security by law.
XRP is currently ranked as the 4th largest cryptocurrency.
After the court decision, investors in the crypto market flocked to XRP. The rush to buy XRP has caused U.S. crypto exchange Uphold to plummet, albeit briefly, due to the unprecedented increase in volume.
Yes, we fell, but no platform has been able to cope with the 50x increase in volume we see today.
With the victory of Ripple, the exchanges that had to drive XRP crazy are again at the door of the securities regulators. Coinbase, Kraken, and iTrustCapital have reportedly applied to relist XRP. In addition, it has been reported that the Gemini exchange has also started preparations for the re-listing of XRP.
Coinbase announces it will relist XRP
The largest US crypto exchange Coinbase has announced that it will relist XRP after the court decision.
The exchange announced that the US Securities and Exchange Commission (SEC) had declared Ripple’s XRP token as a security, and Coinbase announced that it had delisted XRP like many other cryptocurrency exchanges.
U.S. district judge Analisa Torres said that XRP is not a security, giving the asset a massive rally as well.
Coinbase used the following statements in a statement on the subject on Twitter:
“Coinbase will re-enable XRP transactions on the XRP network. Do not send this asset over other networks, otherwise your funds may be lost. Transfers for this asset can be made on Coinbase in regions where trading is supported.
Trading is expected to start late today if liquidity conditions are met. Trading on XRP/USD, XRP/USDT and XRP/EUR pairs will gradually begin once the asset is in sufficient supply. XRP may be restricted in some supported jurisdictions”
Another cryptocurrency exchange, Kraken, also announced that it has relisted XRP.
Gemini is preparing to take a similar decision
Cryptocurrency exchange Gemini of the Winklevoss brothers also announced that they are researching to relist XRP.
The court’s decision in favor of XRP led crypto companies to refocus on XRP. After the lawsuit filed by the SEC, many US-based crypto money platforms announced that they ended their XRP transactions.
This consecutive positive news continues to increase the value of XRP. The asset is trading at $0.80 at the time of writing, according to CoinGecko data.