Coinbase has restored XRP to its exchange for the first time in approximately three years.
Following the Ripple vs Sec ruling, the entire cryptocurrency market is skyrocketing. The SEC determined that neither XRP nor the majority of the situations in which it transacted are securities.
The verdict has additionally prompted exchanges such as Coinbase to relist XRP beginning today.
Coinbase Assets said on Twitter on Thursday that it will resume XRP trading on the XRP network at 1:45 PT.
“Trading on our XRP-USD, XRP-USDT, and XRP-EUR trading pairs will launch in phases once a sufficient supply of this asset is established,” the company said.
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
The decision to relist is based on Judge Torres’ verdict that “programmatic” sales of XRP, including sales on secondary markets like as digital asset exchanges, are not securities transactions.
The Winklevoss-owned cryptocurrency exchange Gemini is also analyzing relisting XRP. The ruling, according to Tyler Winklevoss, “highlights how the SEC is a failed institution.”
On Thursday, the crypto exchange tweeted, “Given today’s ruling that the sale of XRP on exchanges is not a security, Gemini is exploring the listing of XRP for both spot and derivatives trading.”
Kraken, another prominent cryptocurrency exchange, has opened up XRP trading for its U.S. customers.
Bitstamp has already relisted XRP, tweeting, “Welcome back XRP! XRP trading is available in the U.S. now for our U.S. customers. Once again, you can buy, sell, and trade XRP on Bitstamp USA.”
The SEC said this was the case when it first charged Ripple with breaking securities laws in December 2020. As a result, Coinbase and other exchanges swiftly removed XRP from their lists.
After taking a staunch defensive stance against its own SEC lawsuit last month, Coinbase stock (COIN) is now up 24% on the day to $107,00, continuing a bullish trend.
The lawsuit claimed that more than a dozen currencies traded on the Coinbase exchange were securities and that its staking service was also a securities offering.
Even Bitcoin, which the SEC had previously classified as a non-security, reached a yearlong high on Thursday by increasing 4% to $31,700.
With a 75% increase so far today, XRP has surpassed BNB to become the fourth-largest cryptocurrency by market capitalization.