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XRP Makes a Comeback: Leading Canadian Exchange Relists and Hints at Potential Future Listings

John KumiBy 0Edited by John Kiguru 13. July 20233 Mins Read
  • Canadian-based crypto exchange BitBuy becomes the second exchange to relist XRP pending the final ruling.
  • Coinbase’s CLO, Paul Grewal, however, thinks that their relisting of the asset would depend on several factors. 

Two years ago, several top crypto exchanges made a quick move to delist XRP following the US Securities and Exchange Commission’s lawsuit against Ripple Labs. The decision was largely linked to the uncertainties of the court ruling as SEC was strong in their argument that the digital asset is a security.

One of these exchanges was the Canadian-based firm BitBuy. The exchange stated that its delisting was in commitment to Canadian regulations. However, it promised that it would react appropriately when things change. 

Following reports that the ruling is on the verge of getting released, BitBuy has quietly relisted the digital asset, becoming the second to do so. Another Canadian exchange, Newton, was the first to relist XRP in November 2022. 

Mason Versluis, XRP community influencer and founder of Gold Squad was the first to draw the attention of the crypto community. After quickly going through its mobile app, it was confirmed that XRP and all of its trading features have been restored. 

A careful look at BitBuy’s updated legal Crypto Assets Statement also shows that the exchange now supports XRP trading. 

Over the past few months, the XRP community has increased advocacy of getting the asset relisted on platforms that previously delisted it. This development has excited the XRP community with a user identified as Marie V confirming to have purchased on the platform. 

Somethings going on. After 2.5 years or longer, Bitbuy has now RE-listed XRP! I just bought some to make sure. Mason put out the update.

Many are also expecting Coinbase to do the same. 

Coinbase Would Not Take Automatic Decision on XRP

However, Paul Grewal, Coinbase’s Chief Legal Officer stated in March that the relisting of XRP would not be automatic even if Ripple wins the lawsuit. 

A lot is going to depend on the particulars of how that court rules. I know that’s not going to be terribly satisfying to some, but we do have a responsibility as a publicly listed company to tread carefully in this area and with respect to any token that’s a subject of federal court litigation.

He also commended Ripple for a strong defense against SEC, with Coinbase filing Amicus Brief in Ripple’s favor. 

The current decision to relist the asset is said to be due to the growing speculations that the final ruling is near. Previous dates speculated that the ruling would be announced did not materialize. However, CryptoLaw’s John Deaton believes that this is no cause for alarm. 

The price of XRP against the dollar fell sharply to zero on July 10 on the Poloniex crypto exchange. Later, it recovered to trade at around $0.47. This was said to be a glitch as the asset opened the day on July 10 at $0.468 and reached its highest value at $0.48 on various exchanges.

Similar occurrences were recorded with the XRP/USDT futures pair on Bitrue in April. On April 26, the price crashed to $0.0001. According to Bitrue, this was a glitch. There have been more activities with the USDT trading pair since July 11. In the last 24 hours, $614,000 worth of XRP was traded. The likes of Binance and Kucoin have also seen an incredible 24-hour trading volume. 

 

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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