In a remarkable turn of events for the cryptocurrency community, XRP, the digital asset associated with Ripple Labs Inc., has made a triumphant return to the prominent crypto exchange CEX.IO after an absence of nearly two years. This announcement by Ripple Labs Inc. on Wednesday signals their commitment to serving their U.S. customer base.
CEX.IO’s relisting of XRP offers users access to a wide range of services, including buying, selling, converting, depositing, and withdrawing Ripple (XRP) through the X app. This decision aligns with a broader trend in the crypto industry, where exchanges are reevaluating their position on XRP.
This resurgence in relisting comes from Ripple’s favorable outcome in its legal battle with the U.S. Securities and Exchange Commission (SEC). Major U.S. exchanges like Coinbase, Gemini, Kraken, Binance.US, and Crypto.com have resumed XRP trading since mid-July, influenced significantly by Judge Analisa Torres’ ruling, which refuted the SEC’s assertion that XRP qualified as securities.
Binance.US, in particular, recognized the unique capabilities of XRP, which include its ability to facilitate fast, low-friction value transfers, making it an attractive solution for institutions engaged in cross-border transactions. Consequently, XRP’s value has experienced a notable upswing, underscoring its effectiveness in international payments and widespread adoption in various projects and processes.
The relisting on CEX.IO represents a substantial turnaround for XRP, which faced widespread delisting from numerous protocols and exchanges following the SEC’s legal action in December 2020. U.S.-based exchanges such as Coinbase and Kraken and Canada’s Newton removed XRP from their offerings due to legal and regulatory concerns.
However, the landscape began to shift following the pivotal verdict on July 13, which has significantly influenced the trajectory of this Ripple-affiliated cryptocurrency over the past few months. The relisting of XRP on CEX.IO and other leading exchanges reflects renewed confidence in the digital asset and paints a positive picture of its future.
The relisting of XRP on CEX.IO and its subsequent adoption by other prominent cryptocurrency exchanges goes beyond a mere resurgence; it is a testament to the resilience and potential of this digital asset. As Ripple Labs Inc. continues to navigate the intricate legal and regulatory landscape, this latest development offers a glimpse of stability and growth for XRP in the ever-evolving world of cryptocurrencies.