Gemini, one of the leading cryptocurrency exchanges, has announced its consideration of listing Ripple’s native token XRP following the recent ruling in the Ripple v. SEC case. This decision comes after a US judge officially determined that XRP does not fall under the classification of a security, resolving the longstanding dispute between Ripple and the Securities and Exchange Commission (SEC). The favorable outcome has generated significant excitement within the Ripple XRP community and has led to a surge in the token’s price.
The Ripple v. SEC case has been closely watched by the cryptocurrency industry, as the outcome could have far-reaching implications for the classification and regulatory treatment of digital assets. The SEC had alleged that XRP was an unregistered security, which would have subjected Ripple to legal penalties and potentially disrupted the XRP market. However, with the court ruling in favor of Ripple, the cloud of uncertainty has been lifted, resulting in a renewed interest in XRP.
Immediately after the news broke, the price of XRP experienced a significant surge of 30%. This rapid increase in value demonstrates the market’s positive response to the court ruling. Traders and investors, who had been cautious due to the pending legal proceedings, were quick to capitalize on the newfound clarity regarding XRP’s regulatory status.
Gemini, which had previously decided to delist XRP on December 7, 2020, is now reconsidering its position in light of the recent developments. The exchange’s initial decision to delist XRP was driven by regulatory concerns and the ongoing uncertainty surrounding its classification. However, with the legal cloud now lifted, Gemini sees an opportunity to reintroduce XRP to its platform, catering to the demand from its user base.
Listing XRP on Gemini would enable users to trade the token both in the spot market and through derivatives trading. This expanded availability would provide additional liquidity and trading opportunities for XRP, further boosting its market appeal. Gemini’s reputation as a trustworthy and regulated exchange could also enhance the overall credibility and acceptance of XRP within the cryptocurrency ecosystem.
