The cryptocurrency exchange Gemini, founded by the Winklevoss twins, has announced the listing of a new XRP trading pair. This development highlights the growing institutional and retail interest in the XRP ecosystem and provides traders with more options to engage with the digital asset.
Latest Update on Gemini’s XRP Listing
Gemini has introduced the XRP/GUSD perpetual contract on its Gemini Foundation platform. This allows users to trade XRP against the Gemini Dollar (GUSD), a regulated stablecoin. Traders from more than 30 countries can now use this instrument to hedge risks, seek returns, and gain directional exposure to XRP.
This move is part of a broader trend of exchanges reintroducing XRP to their offerings. The token faced significant delistings in 2020 following a lawsuit from the U.S. Securities and Exchange Commission (SEC) against Ripple Labs. The SEC alleged that XRP was sold as an unregistered security, leading many platforms to suspend trading.
A pivotal moment came in July 2023, when U.S. District Judge Analisa Torres ruled that XRP is not a security when sold on public exchanges. This decision prompted a wave of relistings and restored market confidence.
Broader Trend of XRP Relisting
Multiple major exchanges have resumed XRP trading following the court ruling. Coinbase was among the first to announce its return, conditional on meeting liquidity requirements. It gradually enabled XRP trading pairs with USD, USDT, and EUR.
Other platforms, including Binance US, Kraken, and Crypto.com, also reinstated XRP support. Gemini initially enabled XRP deposits and trading against several fiat currencies such as USD, GBP, EUR, CAD, SGD, HKD, and AUD. The recent introduction of the XRP/GUSD perpetual contract marks another step in expanding trading capabilities.
Following the news, XRP’s price saw a noticeable uptick. At the time of writing, XRP is trading around $0.52, reflecting a 1.67% increase within 24 hours. Market analysts anticipate further positive momentum, with some predicting a stronger performance in the coming weeks.
Traders and investors are closely monitoring market signals and exchange developments for clues on future price movement. For those looking to stay updated with real-time market data, you can 👉 track live XRP price action.
Frequently Asked Questions
Why did Gemini delist XRP initially?
Gemini, along with other major exchanges, delisted XRP in response to the SEC lawsuit against Ripple Labs, which claimed XRP was an unregistered security. This created legal uncertainty and compliance risks for trading platforms.
What does the new XRP/GUSD perpetual contract offer?
This derivative product allows traders to speculate on XRP’s future price without an expiration date, using the Gemini Dollar (GUSD) as the quote currency. It is available to users in over 30 countries.
How did the court ruling affect XRP’s market status?
Judge Analisa Torres’s summary judgment that XRP is not a security when traded on secondary markets provided regulatory clarity. This encouraged exchanges to relist the token and helped restore investor confidence.
Which other exchanges have relisted XRP?
Alongside Gemini, major platforms like Coinbase, Binance US, Kraken, and Crypto.com have reinstated XRP trading services, significantly improving its liquidity and accessibility.
What is the current price trend for XRP?
XRP has shown moderate gains following the listing news. Market sentiment is cautiously optimistic, with some analysts forecasting a potential rally in the near term.
Can US-based traders access the new XRP pair on Gemini?
Availability may vary based on regulatory guidelines. Users should check Gemini’s official announcements and regional restrictions to confirm access.