Winklevoss Twins' Gemini Exchange Incorporates Ripple (XRP) into Roster of Tradable Cryptocurrencies

Winklevoss Twins’ Gemini Exchange Incorporates Ripple (XRP) into Roster of Tradable Cryptocurrencies

Updated: 09 August 2023

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In a move that has sent ripples through the cryptocurrency world, Gemini, the U.S.-based cryptocurrency exchange founded by the Winklevoss brothers, is hinting at a possible listing of Ripple’s XRP token. The exchange’s recent cryptic tweet has set the community abuzz with speculation, marking a potential turning point for Gemini and the broader cryptocurrency market.

Gemini, known for its commitment to compliance and user experience, recently tweeted an enigmatic message accompanied by a GIF of a cat sitting at a desk, captioned, “Me, the intern, patiently waiting for Gemini to list XRP.” While the tweet did not provide explicit confirmation, the mere suggestion of XRP’s listing on Gemini has ignited enthusiasm within the crypto community.

Me, the intern, patiently waiting for @Gemini to list XRP.
(i want some) pic.twitter.com/I7r7QBjYKR

— Gemini (@Gemini) August 7, 2023

This development comes hot on the heels of a pivotal legal ruling that significantly impacted XRP’s regulatory status. On July 13, Judge Torres ruled that the sale of XRP on exchanges and through algorithms does not constitute an investment contract. This ruling marked a resounding victory for the cryptocurrency industry, clarifying the legal standing of XRP and shedding light on its potential as a legitimate asset.

Gemini promptly signaled its interest in exploring the possibility of listing XRP following the July 13 legal verdict. In a tweet, the exchange stated:

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

This announcement signaled Gemini’s renewed interest in offering its users access to XRP, further solidifying the cryptocurrency’s acceptance within the broader crypto ecosystem.

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.

— Gemini (@Gemini) July 13, 2023

Industry-wide Ripple Effect

The enthusiasm surrounding Ripple’s legal victory acted as a catalyst for the digital asset’s price surge. According to data by CoinGecko, XRP saw an astonishing 70% increase in the hours following the judge’s ruling, soaring to a 19-month peak of $0.95. Its market capitalization also surged past $41 billion, surpassing BNB and claiming its place as the fourth-largest digital asset. XRP’s resurgence has made it an enticing prospect for multiple cryptocurrency exchanges that once supported it.

In response to the favorable ruling, a slew of exchanges, including Coinbase, Kraken, Crypto.com, Bitstamp, and Binance.US, expedited the reinstatement of XRP on their platforms, demonstrating their confidence in the asset’s newfound legal clarity. Coinbase suspended XRP services in January 2021 following the SEC’s lawsuit against Ripple, also celebrated the victory and reintroduced XRP trading pairs against USD, USDT, and EUR for its customers.

Kraken’s support for XRP has led to significant user engagement, with over 273 million XRP tokens purchased since the reintroduction. Crypto.com, embracing more than 20 fiat currencies, including USD, EUR, and GBP, has also added XRP to its roster.

Bitstamp, while resuming trading services for XRP, has initially made this option available exclusively for U.S. customers, reflecting the measured steps exchanges are taking in response to the legal developments.

Welcome back $XRP! 🚀 XRP trading is available in the U.S now for our U.S customers.

You can once again buy, sell, or trade XRP on Bitstamp USA. 🫡

Find more info here: https://t.co/UMQ2dubMDe #XRPArmy pic.twitter.com/XqAtCZJPLj

— Bitstamp (@Bitstamp) July 13, 2023

Anticipation Builds for Gemini’s Next Move

With the legal cloud surrounding XRP lifting and major exchanges rallying behind it, the crypto community eagerly awaits Gemini’s definitive move. The exchange’s potential listing of XRP carries significant implications for both the cryptocurrency itself and the broader market. Should Gemini choose to embrace XRP, it would bolster the asset’s credibility and further solidify the exchange’s position as a prominent player in the ever-evolving cryptocurrency landscape.

As the cryptocurrency industry eagerly watches for further developments, the convergence of legal clarity, market demand, and industry support could herald a new era for XRP and the broader crypto market as a whole.