Publicly-traded American crypto trading platform Coinbase announced on Thursday that it would soon re-enable the trading of the Ripple Labs’ XRP token on its platform. The decision follows a favorable verdict by a U.S. court regarding the XRP cryptocurrency.
Coinbase to Feature XRP Once Again
In December 2020, a legal battle commenced between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs over the alleged “unregistered securities offering” of the XRP cryptocurrency.
The SEC termed the asset as security and requested in court that Ripple stop issuing the XRP token. A month later, Coinbase suspended cryptocurrency trading on its platform. Other crypto exchanges took similar action, citing low usage of the asset as the reason for the move.
However, the three-year-long legal battle between the agency and XRP issuer may be coming to an end as a district judge has passed a ruling that partially favors Ripple. The court stated that the XRP token is not a security. The ruling was shortly followed by a 60% surge in XRP’s value.
With this healthy price rebound and the court case favorable for the Ripple XRP, Coinbase stated via a tweet that XRP trading would commence once again on its platform.
“We’ve read Judge Torres’ thoughtful decision. We’ve carefully reviewed our analysis. It’s time to relist,” Coinbase’s Chief Legal Officer Paul Grewal wrote in a tweet.
Other Exchanges Follow Suit
Other crypto exchanges followed Coinbase’s bold step and announced the relisting of the XRP cryptocurrency. Digital asset custodian Crypto.com is an example. The firm announced some hours ago that XRP tokens can be traded on their platform. Recall that the exchange delisted the asset on January 19, 2021.
Kraken Pro also made the same move, announcing that users can access the XRP token.
Meanwhile, Gemini stated that it is “exploring the listing of XRP for both spot and derivatives trading.”
