Yesterday, after three long years, a verdict was finally reached in the endless lawsuit between Ripple (XRP) and the Security and Exchange Commission (SEC). Ripple has won a partial victory and the judge said the secondary sale of XRP does not count as a security under US securities law.
When the SEC announced the indictment at the end of 2020, several American exchanges immediately removed XRP from their platforms, including the large Coinbase. Now that it seems safe to list XRP again, Coinbase is first in line.
Exchanges Welcome Ripple
The judge ruled yesterday that selling XRP does not qualify as selling investment securities. In addition to Coinbase, for example, Gemini will again offer XRP to customers.
Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset remain available on @Coinbase & @CoinbaseExch in the regions where trading is supported.
— Coinbase Assets 🛡️ (@CoinbaseAssets) July 13, 2023
“Coinbase will once again make it possible to trade with XRP on the XRP network. As soon as there is enough supply of this asset, the trading pairs XRP-USD, XRP-USDT and XRP-EUR will be launched in phases.”
Also crypto exchange Gemini shared a similar message:
“Based on today’s decision that selling XRP on exchanges is not a security, Gemini will explore the listing of XRP for both spot and derivatives.”
It doesn’t stop there: Going alongside Gemini and Coinbase also Kraken and Bitstamp to offer XRP back to their customers. Finally, we have Binance.US, the American branch of the largest crypto exchange, which also announces Renote XRP. Binance itself, the international exchange, had never removed XRP from its offering.
XRP gains raise more crypto
Shortly after the judge’s decision, the price of Ripple (XRP) exploded at the end of yesterday afternoon. Within hours, the share price rose by exactly 100 percent. In addition to XRP, a slew of other coins that the SEC labeled as unregistered securities in a lawsuit against Binance and Coinbase last month also rose. Examples include Cardano (ADA), Solana (SOL) and Polygon (MATIC).
The market assumes that if the sale of XRP is not covered by the securities law, then so are these coins. These prices therefore also rose sharply yesterday.