The U.S. Securities and Exchange Commission (SEC) v. Ripple Labs case reached a landmark ruling on July 13, 2023, prompting a wave of major cryptocurrency exchanges—including Coinbase, Kraken, Bitstamp, Gemini, and Bybit—to relist XRP trading pairs. The decision ignited a dramatic market rally, with XRP’s price skyrocketing over 72% in a matter of hours to $0.81, pushing its market capitalization to $43 billion. XRP surpassed BNB to become the fourth-largest cryptocurrency by market cap, trailing only Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Coinbase Leads the Relisting Charge
Nasdaq-listed exchange Coinbase was among the first to act. In a Thursday afternoon tweet, Coinbase announced: “Our XRP-USD trading pair is now in full-trading mode on Coinbase Exchange, Coinbase Pro, and Advanced Trade. Limit, market, and stop orders are all now available.” The exchange had previously indicated that it would launch XRP-USD, XRP-USDT, and XRP-EUR trading pairs in phases once sufficient liquidity was established, though support may be restricted in some jurisdictions. The announcement triggered a massive inflow of buy orders.
Kraken, Gemini, and Bitstamp Follow Suit
Shortly after Coinbase, Kraken confirmed that XRP trading is now available for U.S. customers. Gemini took a more cautious approach, tweeting: “Given today’s ruling that the sale of XRP on exchanges is not a security, Gemini is exploring the listing of XRP for both spot and derivatives trading.” Bitstamp, one of the first exchanges to list XRP in 2017, wasted no time in resuming trading. In a celebratory post, Bitstamp wrote: “Welcome back XRP! XRP trading is available in the U.S. now for our U.S. customers. You can once again buy, sell, or trade XRP on Bitstamp USA.” The exchange added that it was among the first to resume trading in the U.S.
Other platforms such as Trust Capital and Bybit have either relisted XRP or are in the process of doing so. Legal expert Jake Chervinsky commented on Twitter: “My sense is U.S. crypto exchanges should feel good about relisting XRP today.”
Ruling Background and Market Impact
The ruling by Judge Analisa Torres of the U.S. District Court for the Southern District of New York was a watershed moment for the crypto industry. The court held that XRP’s “programmatic sales” (i.e., those conducted via public exchanges) do not constitute securities transactions, while institutional sales still violate securities laws. This partial victory for Ripple provided much-needed clarity on the regulatory status of digital assets traded on secondary markets. XRP’s price surged from approximately $0.47 before the ruling to $0.81, with trading volumes exploding across all major platforms. Coinbase and others reported temporary latency due to the spike in activity.
Industry Reactions and Future Outlook
The decision is widely seen as a precedent that could benefit other cryptocurrencies facing similar SEC scrutiny. Legal teams at exchanges are now reviewing the compliance of other tokens. However, the SEC has not yet announced whether it will appeal, leaving an element of legal uncertainty. Market analysts believe that the relisting of XRP not only unlocks pent-up liquidity but also signals a more favorable regulatory environment for crypto exchanges. If all U.S. exchanges eventually resume XRP trading, the token’s price could test the $1 level in the near term. Investors should remain cautious about potential volatility stemming from any SEC appeal.
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