Coinbase said Thursday that it will re-enable trading of XRP after a federal court ruled that some transactions on exchanges didn't constitute the sale of securities.
"Coinbase will re-enable trading for XRP (XRP) on the XRP network," the company said in a tweet. "Do not send this asset over other networks or your funds may be lost. Transfers for this asset remain available on @Coinbase & @CoinbaseExch in the regions where trading is supported."
"Trading is anticipated to begin later today, if liquidity conditions are met," the exchange continued. "Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT and XRP-EUR trading pairs will launch in phases. Support for XRP may be restricted in some supported jurisdictions."
After the mixed ruling from the Southern District Court of New York in the lawsuit between the Securities and Exchange Commission and Ripple Labs, the case could now go to trial or be appealed. A wide-range of U.S.-based cryptocurrency exchanges halted trading in XRP at the end of 2020 when the agency first sued Ripple.
A number of trading firms had also stopped making markets for the token, which is closely associated with Ripple.
"We've read Judge Torres' thoughtful decision," Coinbase Chief Legal Officer Paul Grewal said on Twitter. "We've carefully reviewed our analysis. It's time to relist."
Gemini is also exploring listing of XRP
Crypto exchange Gemini said earlier Thursday that it was exploring relisting XRP.
"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," the firm said in a tweet.
XRP appreciated by more than 80% on Thursday, hitting its highest level since April 2022.
(Updates with tweet from legal officer.)
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