California-based crypto exchange BitGo resumes trading XRP on its platform following Ripples’ recent victory over the SEC. The United States crypto custodian made the announcement after District Judge Torres passed her ruling in the case between Ripple and the regulatory watchdog.
BitGo congratulates Ripple’s team, relists XRP
In a recent tweet, BitGo celebrated the win by congratulating the team behind Ripple and also welcoming XRP back to its platform, stressing that trading is now live on BitGo prime – which allows its clients to trade, borrow, and lend.
Welcome back $XRP 👏🏻
Congratulations to 🧄 🏠 and the @Ripple team. 🤝
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Trading is now live on BitGo Prime! 💪🏻
— BitGo (@BitGo) July 14, 2023
In the same light, other top cryptocurrency exchanges including Coinbase, Binance, Crypto.com, and Kraken have also resumed trading XRP on their various platforms. In 2021. Coinbase and Binance US suspended XRP trading following the SEC crackdown on Ripple Labs accusing it of offering unregistered securities in XRP.
Related Reading: Binance US and Coinbase Relist XRP Following Lawsuit Win
Even though trading was suspended on Coinbase, its customers were still allowed to store and transfer their XRP funds with their XRP wallets. Binance CEO, Changpeng ‘CZ’ Zhao had initially stated that XRP was only removed from its US subsidiary, Binance US, and not on the global exchange. However, XRP trading has resumed on the platform according to a recent announcement on its official website.
Judge Torres’s ruling boosts XRP price
In a previous report, District Judge Analisa Torres ruled that even though XRP is a digital token, it does not constitute a “contract transaction or scheme” that embodies the Howey requirements of an investment contract. Therefore does not classify as a security.
Since the ruling, the crypto community has been pouring in congratulatory messages to Ripple and its team. Notable, Charles Hoskinson, founder of Cardano congratulated the XRP community, its founder Brad Garlinghouse in a tweet.
The recent victory has sent the price of XRP on an upward trend. According to data from CoinMarketCap, the price of the token at press time is $0.7 and it is up 64.08% in the last 24 hours. What’s more, XRP is a large market cap token with a live capitalization of $40.8 billion. It is now ranked #4 on the global cryptocurrency market chart.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.