Kraken cryptocurrency exchange announced its decision to relist XRP within minutes of each other.
This move followed a ruling by the Federal Court for the Southern District of New York, which declared XRP as not being a security.
As a result, Kraken quickly re-enabled XRP trading for its U.S. users. Ripple’s Chief Legal Officer, Marco Santori, expressed his views on the court’s decision, emphasizing the importance of legal clarity in the cryptocurrency industry.
Furthermore, Gemini, another prominent exchange, announced its exploration of listing XRP for both spot and derivatives trading.
These developments have caused a surge in XRP’s value, with the token experiencing a significant price increase within a 24-hour period.
The Federal Court’s decision in the Southern District of New York played a crucial role in triggering the relisting of XRP by exchanges like Coinbase and Kraken.
The ruling, which declared XRP as not being a security, provided the legal clarity necessary for these exchanges to reintroduce XRP trading.
This marks an important milestone in the ongoing legal battles surrounding XRP’s regulatory classification, offering hope for future clarity and the advancement of the blockchain industry as a whole.
Marco Santori, Chief Legal Officer at Ripple, expressed the significance of the court’s decision and its implications for the company.
He highlighted the potential for legal clarity to drive innovation and investment in the United States, emphasizing Ripple’s commitment to advocating for clear and practical laws within the blockchain sector.
Santori acknowledged that while the legal journey may have further twists and turns, the recent ruling and the progress being made on Capitol Hill through multiple bills demonstrate steps towards comprehensive regulatory frameworks.
In the wake of XRP’s relisting by Coinbase and Kraken, the popular exchange Gemini announced its intention to explore listing XRP for both spot and derivatives trading.
This move further reinforces the growing acceptance and demand for XRP among leading cryptocurrency platforms. If Gemini proceeds with the listing, it will provide additional opportunities for traders and investors to engage with XRP and contribute to its market growth.
The relisting of XRP by Coinbase and Kraken, coupled with Gemini’s interest, has generated significant market enthusiasm.
Within 24 hours of these announcements, XRP’s value experienced a staggering 74.85% surge, with the token trading around $0.785 as of 9:10 p.m. UTC on July 13, 2023.
This sharp increase in price reflects the positive sentiment among investors and traders who anticipate continued growth and opportunities associated with XRP’s renewed availability on these major exchanges.