Coinbase, Other Crypto Exchanges Embrace XRP After Court Ruling
U.S. federal court ruled on Thursday that sale of XRP tokens on exchanges and through algorithms did not constitute investment contracts.
Jul 13, 2023 at 6:11 p.m. UTC
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Crypto exchanges are piling in to list Ripple's token on their platforms after a U.S. federal court ruled on Thursday that the sale of the tokens on exchanges and through algorithms did not constitute investment contracts.
Coinbase (COIN) said on Thursday that it will restart trading for Ripple's token if there is enough liquidity for the token in its platform. "Coinbase will re-enable trading for XRP (XRP) on the XRP network," the exchange said in a tweet on Thursday. "Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT and XRP-EUR trading pairs will launch in phases," Coinbase added.
Peer Gemini said that the exchange may also list the token following the court ruling. "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," the exchange said in a tweet.
Crypto exchange Kraken also said late Thursday that XRP trading is live on its platform for U.S. users. "Kraken is excited to announce that United States residents can deposit and trade XRP," the firm said in a blog post.
Meanwhile, Bitstamp said that it will re-list the token on its exchange. "Following today's court ruling, we have resumed trading of XRP in the United States effective immediately," the exchange said in an emailed statement. "Bitstamp was one of the earliest exchanges to list XRP, and we are a leading liquidity venue for the asset globally," it added noting that Ripple owns a minority stake in Bitstamp.
The court published the conclusions in an order partially granting a motion for summary judgment in the seminal U.S. Securities and Exchange Commission (SEC) case against the platform.
The XRP token surged nrealy 70% on Thursday, highest since April of last year, according to CoinMarketCap data.
Sandali Handagama contributed to the story
UPDATE (July 13, 19:43 UTC): Adds Coinbase potential listing of XRP as soon as Thursday.
UPDATE (July 13, 20:12 UTC): Updates to add XRP trading is live on Kraken.
UPDATE (July 13, 21:19 UTC): Rewrites the story to update with other exchanges that are listing XRP on their platform.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets