After a two-year hiatus, Ripple’s XRP has been relisted on CEX.io, one of the oldest cryptocurrency exchanges.
CEX.io users can now buy, sell, convert, and withdraw XRP within the exchange’s product ecosystem. The exchange is the latest to relist XRP in 2023, and according to the firm, the relisting was directed toward satisfying its US clientele.
The news comes months after Ripple secured a major victory against the SEC, most importantly when XRP was deemed not a security (when trading on secondary markets) by the Judge.
After the SEC sued Ripple in late 2020, several major crypto exchanges delisted the coin in early 2021, as having it available for trading could mean a risk for these platforms as they’d have to deal with regulatory laws. That said, exchanges such as Coinbase, Kraken, and the Canadian platform Newton removed XRP from their listings, citing regulatory and legal concerns.
However, the landscape for XRP shifted dramatically with Judge Analisa Torres’ ruling that the coin is not a security (when sold on secondary markets), as asserted by the SEC.
The decision marked a pivotal moment for XRP as it paved the way for its reinstatement on significant cryptocurrency exchanges, signaling a broader resurgence in the XRP ecosystem while most of the exchanges relisted it.
XRP surged significantly in the past 30 days, but its bullish momentum halted after rumors of a fake XRP ETF started spreading on social media. As CryptoPotato reported, the fake BlackRock iShares XRP Trust filing was abruptly denied by a spokesperson from the company.
The fake report triggered a 12% price drop shortly after. According to pro-Ripple lawyer, these types of fake news are scams that individuals can pull off by paying $500.
The Ripple vs. SEC legal battle is set for a grand trial next spring, with Ripple currently holding an advantageous position after winning three partial court victories. Experts predict a decisive win for Ripple in 2024, anticipating a potential XRP price rally and increased cryptocurrency sector enthusiasm.