Ripple Lab’s situation influences Coinbase

The lawsuit that was filed against Ripple Labs in 2020 was set aside, the ruling going in favor of Ripple Labs. This turned out to be a positive influence in the case of both Coinbase and Binance US, who have decided to once again back XRP. Both entities had desisted from trading in XRP ever since the case was going on between SEC and Ripple Labs. Other prime cryptocurrency exchanges have followed suit, too, in the bargain.  

One other platform which has begun the resumption of XRP is Kraken, and another is Bitstamp. In the case of Gemini, they are currently in the process of taking the final decision for continuing spot, as well as derivatives trading in XRP. 

Where the lawsuit filed by SEC against Ripple Labs is concerned, the prime allegation was that Ripple had been instrumental in selling XRP in the form of unlisted security. However, it was Judge Analisa Torres who took a dim view of the fact and ruled in favor of Ripple Labs, stating that the defendant carrying out open market selling of XRP was in no way associated with security selling. 

The judge was one with the SEC on the issue of Ripple’s direct selling of XRP to institutional bodies being akin to a securities issuance. The trial date on the matter between SEC and Ripple Labs is yet to be announced. 

Presently, as per the data released by CoinMarketCap, XRP is trading at a value of $0.7232. This means a hike of more than 50% as compared to Thursday, in the case of the crypto asset, which is known to be the fifth biggest in terms of market cap.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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