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XRP Open For Trading in US After Landmark Court Ruling

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XRP was reinstated for trading on exchanges including Coinbase after a US court made a landmark ruling yesterday that the token is not a security when sold to the public.

Although the ruling said the matter of secondary sales of tokens on exchanges was ”not properly before the court,” Coinbase said it has already regained confidence in the token and decided to relist it.

The exchange had stopped trading in XRP in 2021 following a legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs Inc., the company behind XRP. The SEC had argued that Ripple sold the token as an unregistered security

“We’ve read Judge Torres’ thoughtful decision,” tweeted Paul Grewal, Coinbase’s chief legal officer.  “We’ve carefully reviewed our analysis. It’s time to relist.”

XRP Embraced by Exchanges Again

Kraken also followed suit by announcing the relisting of the token, making it available for users in the US. “Kraken is excited to announce that United States residents can deposit and trade XRP,” the exchange said.

Crypto exchange Gemini said it is considering listing the token for the first time. “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,” it tweeted,

Binance similarly listed XRP on Binance.US, allowing users to make deposits. It also stated that trading on the XRP/USDT Advanced Trading pair would be opened today at 9 a.m. EDT. 

Bitstamp was another to announce it will re-list the token. “Following today’s court decision, we have resumed trading of XRP in the United States effective immediately,” it wrote in an email statement. 

The exchange went on to mention that Ripple had a minority ownership in Bitstamp, adding that “Bitstamp was one of the first exchanges to list XRP, and we are a leading liquidity venue for the asset globally.”

The Ripple Effect

The court verdict has served as a big win for Ripple and the entire crypto community, inspiring hope in firms including Coinbase and Binance that are fighting similar battles with the US regulator.  Still, the case is far from over with a trial, and possible appeal, still to come.

Following the court ruling, the token surged on Thursday, attaining its highest price since April of last year, according to CoinMarketCap data.  It traded up almost 65% from a day earlier at 8:55 EST.

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