XRP, the controversial digital token associated with Ripple, witnessed a 73% surge on Thursday, overtaking Binance Coin (BNB) in the process. XRP's market capitalization soared to around $43.9 billion, with a 24-hour trading volume exceeding $9.1 billion.
This followed the announcement by Coinbase, one of the leading cryptocurrency exchanges, that it will relist XRP. The largest U.S. exchange had previously delisted XRP in January 2021 due to the SEC's lawsuit against Ripple.
On the same day, another major exchange, Kraken, announced the return of XRP trading for its US customers.
Both Coinbase and Kraken revealed their decisions on Twitter, with Coinbase stating that XRP trading is expected to begin later today, provided liquidity conditions are favorable.
The exchange reassured that transfers for the digital asset will continue to be available in regions where trading is approved. Kraken, meanwhile, announced that trading for XRP is now live for its US customers.As both exchanges resume XRP trading, they will initially roll out XRP-USD, XRP-USDT, and XRP-EUR trading pairs, although support for XRP may face restrictions in certain areas.
The optimistic market response comes in the wake of a nuanced verdict in the lawsuit between Ripple Labs and the SEC. While Judge Analisa Torres ruled institutional sales by Ripple as securities, she stopped short of classifying all other sales similarly. Stuart Alderoty, Ripple's General Counsel, hailed the decision as a "huge win", emphasizing that XRP is not a security, as per the ruling, and neither are sales on exchanges.
Alderoty lauded the teams who have tirelessly fought this case over the years, asserting that the judgment "affirms so much of what this industry is fighting for". He called out the SEC's perceived overreach in its jurisdiction over crypto, suggesting that this verdict might set the stage for a more rational conversation about crypto regulation in the country.
Ripple's legal journey isn't over, and the case is now going to trial, but the relisting of XRP on Coinbase and Kraken has sent a powerful signal of resurgence for the embattled digital token.