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Gemini Lists New XRP Pair, Here’s How Price Reacts – Crypto News

Published

1 year ago

January 26, 2024

Dripp

Winklevoss brothers’ cryptocurrency exchange Gemini has unveiled its plans to list new XRP pairs for trading on its platform.

Latest Gemini XRP Listing Update

According to a Friday post, the XRP/GUSD perpetual contract has been listed on Gemini Foundation, a move that demonstrates the growing interest in the Ripple-associated ecosystem. Consequently, Gemini users in over 30 countries will be able to leverage this service to manage their risk, generate returns, and gain directional exposure.

This recent development from Gemini is also evidence that XRP relisting is still ongoing. Markedly, XRP’s presence on trading platforms was earlier impeded by a lawsuit from the United States Securities and Exchange Commission (SEC) Ripple Labs Inc. In 2020, the regulator levied an enforcement action on Ripple as it noted that it sold XRP as investment contracts, a lawsuit that sparked delisting from different platforms.

Ever since the XRP ecosystem has been trying to operate beyond the regulatory hurdles but faced more challenges. However, in July 2023 Judge Analisa Torres ruled that the token is not securities and this marked a turning point for XRP listing.

Multiple XRP Relisting Continues

Coinbase relisted the token after a ruling stating that trading would resume at the time “if liquidity conditions are met. 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.”

Shortly after, Binance U.S., Kraken, Crypto.com, and even Gemini joined to relist XRP. Upon relisting the XRP token, Gemini made it available with USD, GBP, EUR, CAD, SGD, HKD, and AUD XRP pairs, although trading was not immediately made possible. Leading crypto exchange Binance also announced plans for spot trading XRP spot trading pairs amongst others.

Gemini’s XRP Perpetuals listing is the latest development in the ecosystem. Following the news of the listing, XRP has seen a significant gain in its price. At the time of this writing, the Ripple-associated token was trading at $0.52, up by 1.67% in the past 24 hours.

There are expectations that the coin will do better in the coming weeks with the parabolic price rally expected to commence in February.