In a swift response to Coinbase’s announcement of XRP relisting, rival cryptocurrency exchange Kraken made a similar decision within just 30 minutes.
The relisting news came shortly after the Federal Court for the Southern District of New York declared that XRP is not a security.
Marco Santori, Ripple’s Chief Legal Officer, shed light on the decision, emphasizing the significance of legal clarity and the role it plays in driving innovation and investment.
Furthermore, Gemini exchange has revealed its exploration of listing XRP for both spot and derivatives trading. The market response has been positive, with XRP experiencing a substantial 74.85% surge within the past 24 hours.
Coinbase’s announcement triggered a rapid chain of events, prompting Kraken to quickly follow suit and relist XRP.
The catalyst behind this decision was the recent ruling by the Federal Court for the Southern District of New York, declaring that XRP is not a security.
This legal clarity has paved the way for exchanges to reevaluate their positions and reinstate support for Ripple’s native token.
Marco Santori, Ripple’s Chief Legal Officer, emphasized the significance of the court ruling in providing the foundation for meaningful legal clarity in the United States.
Santori highlighted that the decision enables Ripple and other industry players to plan, hire, and invest, fostering growth and innovation within the country.
While acknowledging that the legal landscape may continue to evolve with twists and turns, Santori expressed gratitude for being part of the movement advocating for practical, common sense laws that mitigate risks and maximize the benefits of blockchain technology.
In addition to Coinbase and Kraken, Gemini exchange has expressed its interest in listing XRP for both spot and derivatives trading.
The exchange’s exploration of XRP listing signifies a growing recognition of the token’s value and potential market demand.
By considering XRP for trading, Gemini aims to cater to the evolving needs of its users and expand the range of digital assets available on its platform.
Following the announcements and the court ruling, XRP has experienced a significant surge in value. As of 9:10 p.m. UTC on July 13, 2023, XRP is trading at approximately $0.785, exhibiting an impressive 74.85% increase within the past 24 hours.
This surge reflects the market’s positive response to the developments, demonstrating renewed investor confidence in XRP.
