Canadian-based crypto exchange BitBuy has relisted XRP, making it the second exchange to do so pending the final ruling on the SEC lawsuit against Ripple Labs. This move comes two years after several top crypto exchanges delisted XRP due to the uncertainties surrounding the court ruling and the SEC’s argument that XRP is a security.
BitBuy initially delisted XRP in commitment to Canadian regulations but promised to react appropriately when circumstances changed. Following reports that the ruling is imminent, the exchange quietly relisted XRP, with Mason Versluis, an XRP community influencer, being the first to draw attention to this development. He confirmed that XRP and all of its trading features have been restored on BitBuy’s mobile app.
The XRP community has been advocating for the relisting of the asset on platforms that previously delisted it, and this news has excited many community members. One user, Marie V, confirmed that she has purchased XRP on the platform, indicating the positive response to BitBuy’s relisting decision.
Another exchange that many are expecting to follow suit is Coinbase. 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. He emphasized that the decision would depend on the particulars of the court ruling and that Coinbase, as a publicly listed company, has a responsibility to tread carefully in this area and with respect to any token subject to federal court litigation.
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Grewal did acknowledge Ripple’s strong defense against the SEC, and Coinbase has even filed an Amicus Brief in Ripple’s favor. However, it remains uncertain whether Coinbase will ultimately relist XRP.
The decision by BitBuy to relist XRP is likely driven by growing speculations that the final ruling is near. Previous speculated dates for the ruling announcement did not materialize, but John Deaton, a crypto advocate for Ripple, believes that this should not be a cause for alarm.
In terms of XRP’s market performance, there have been some unusual price fluctuations recently. On July 10, the price of XRP against the dollar fell sharply to zero on the Poloniex crypto exchange but later recovered to trade at around $0.47. This was considered a glitch, as the asset opened the day at $0.468 and reached a high of $0.48 on various exchanges. Similar glitches were also observed with the XRP/USDT futures pair on Bitrue in April, where the price crashed to $0.0001.
Despite these glitches, there has been increased trading activity with XRP, particularly with the USDT trading pair. In the last 24 hours, $614,000 worth of XRP has been traded. Binance and Kucoin have also seen a significant 24-hour trading volume for XRP.
Overall, the relisting of XRP by BitBuy and the potential for other exchanges to follow suit indicate a positive outlook for the asset. However, the final decision on XRP’s relisting remains dependent on the outcome of the SEC lawsuit and the specific rulings of the court. Investors and community members continue to watch this closely as they anticipate further developments in the XRP market.
