Binance.US, the U.S. subsidiary of the world’s largest crypto exchange by volume, Binance, has announced the relisting of Ripple‘s XRP token in a significant development for the cryptocurrency market. Also, this decision comes on the heels of a recent U.S. federal court ruling that deemed the secondary sales of XRP on exchanges as non-securities. Binance.US joined other major crypto exchanges, such as Coinbase, Kraken, and Bitstamp, which have already re-listed XRP on their platforms.
With the relisting of XRP on Binance.US, crypto investors can now trade the token, along with the option to deposit and withdraw XRP on the exchange. This development brings renewed opportunities for investors and enthusiasts of the XRP cryptocurrency.
The relisting decision by Binance.US follows a turbulent period for XRP. Previously, Binance.US had delisted XRP shortly after the U.S. Securities and Exchange Commission (SEC) sued Ripple, the parent company of XRP, alleging that it had sold XRP as an unregistered security. However, it is important to note that Binance as a whole continued to support XRP trading during this period.
Crypto industry reacts to ruling
This recent victory in a three-year legal battle between Ripple and the SEC has prompted a resurgence of XRP on various exchanges. Coinbase, for instance, announced that it would allow trading of the asset once again after delisting it. Gemini, another major crypto exchange, revealed its intention to explore the listing of XRP for both spot and derivatives trading. Additionally, Crypto.com announced the listing of XRP on its platform, enabling users to trade the token against multiple fiat currencies, including USD, EUR, and GBP.
The court ruling in favor of Ripple is of considerable significance, as it dispels concerns regarding XRP’s classification as a security. The ruling covers various aspects, including sales on exchanges, sales by executives, and other XRP distributions to developers, charities, and employees. Following this news, XRP experienced a significant price surge, with CoinMarketCap reporting a 68% increase to $0.79 per token. The ruling has not only given hope to XRP investors but has also sparked discussions about the potential non-security status of other cryptocurrencies.
Binance.US has scheduled the opening of trading on the XRP/USDT advanced trading pair for July 14, 2023, at 6:00 a.m. PDT or 9:00 a.m. EDT. This move allows users to participate in the XRP market and capitalize on the growing interest and demand for the cryptocurrency.
The relisting of Ripple’s XRP on Binance.US and other major exchanges following the court ruling marks a significant milestone for the cryptocurrency market. Nonetheless, the decision has reinvigorated the XRP community and reignited discussions about regulatory frameworks
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