XRP’s landmark triumph in the Ripple vs. SEC litigation has drawn institutional investors back to the coin. The latest is Gemini, a US crypto exchange that is throwing hints about relisting the powerful XRP coin on its platform! That’s right. This jaw-dropping revelation comes hot on the heels of Ripple’s resounding victory in its legal battle against the U.S. Securities and Exchange Commission (SEC)!
Gemini’s Cryptic Post to Relist XRP?
The controversy surrounding XRP’s classification as security had led to its delisting from several leading crypto exchanges, creating uncertainty among investors and traders. However, the tide turned in favor of Ripple on July 13, 2023, when Judge Analisa Torres delivered a Summary Judgment, ruling that XRP’s sale did not fall under the category of securities. This ruling sparked a wave of positive sentiment in the market, prompting Coinbase and Kraken to swiftly reinstate XRP trading.
Now, it appears that Gemini is the next exchange preparing to reintroduce XRP trading on its platform. The exchange had previously hinted at the possibility of listing XRP for both spot and derivatives trading after the court’s ruling favored Ripple. In the latest update, the official Twitter account of Gemini responded to a query about the potential relisting with a suggestive ‘Thinking Face Emoji,’ igniting excitement among XRP supporters and investors.
Impact on XRP Price Action
The relisting of XRP on multiple major exchanges, including Coinbase, Kraken has already provided a more stable and reliable trading environment for the token. This increased accessibility could lead to long-term price stability and reduce extreme price fluctuations that were more prevalent during the period of delistings.
If Gemini also proceeds with the relisting, it could have a substantial impact on XRP’s trading volumes and price. The token has already experienced a notable surge of nearly 60% following the legal victory, and a relisting on a prominent exchange like Gemini would further boost its market appeal.
As per the latest update, the SEC’s announcement of its intention to appeal Judge Torres’s ruling has created fresh uncertainty in the market, leading XRP’s price to retreat from its post-SEC v Ripple ruling high of $0.9337. Notably, Ripple’s partial triumph against the SEC has already sparked bullish demands for $15 in the coming months. Having said that, keep a close eye on the latest development on the coin. XRP is currently trading at 0.77285987.
In the meanwhile, Gemini’s co-founder and CEO, Cameron Winklevoss, has expressed bullish sentiment regarding Bitcoin accumulation. He highlighted a recent flurry of spot Bitcoin ETF filings, indicating a significant increase in Bitcoin acquisition.