Ripple’s major win in its legal battle against the US Securities and Exchange Commission (SEC) has changed the trends in the cryptocurrency industry, causing some exchanges to add support to XRP once again.
Industry leaders like Coinbase, Crypto.com, Kraken, and Bitstamp are among those that re-launched trading services with the token hours after the news broke out.
The crypto community met the landmark victory that Ripple notched against its longtime rival (the SEC) on July 13 with huge enthusiasm. Unsurprisingly, the judge’s rule that the enterprise blockchain provider did not violate securities law by selling XRP tokens on public exchanges years ago acted as a price catalyst for the asset.
It surged by whopping 70% in the following hours, climbing to as high as $0.95, thus registering a 19-month peak. In addition, its market capitalization reached over $41 billion, surpassing BNB as the fourth-largest digital asset, which has approximately $1 billion less. Currently, XRP trades at around $0.78.
The development has turned the token into an appealing target for multiple cryptocurrency exchanges that once supported it but eventually removed it from their platforms.
The US-based Coinbase praised Ripple’s success, describing it as win for the entire industry. It also provided XRP-USD, XRP-USDT, and XRP-EUR trading pairs for its customers.
Recall that the company suspended services with the token in January 2021 (a few weeks after the SEC filed the lawsuit against Ripple). However, it vowed to “monitor legal developments” related to XRP and update clients when more information comes out.
Kraken also added support to Ripple’s native token. Customers have purchased over 273 million XRP from the platform since the offering was introduced, equaling around $212 million.
Crypto.com joined the club, too, saying users can buy XRP in over 20 fiat currencies, including USD, EUR, and GBP.
Subsequently, Bitstamp resumed trading services with the coin. However, the option is available only for US customers.
The cryptocurrency exchange spearheaded by the Winklevoss twins – Gemini – has also displayed interest in re-listing the asset after hearing the judge’s order that XRP is not a security. Nonetheless, it has not yet made a final decision.