5 September 2024
Japanese cryptocurrency exchange CoinCheck made headlines with the intention of listing XRP, which is the seventh-biggest digital currency, alongside five other cryptocurrencies.
Made on X, this announcement signals a turning point for XRP particularly in light of Ripple’s most recent court triumph over the US Securities and Exchange Commission. Ranked 48th on CoinMarketCap, the exchange seeks to increase its offers and draw more customers to its platform.
This listing comes when the cryptocurrency is receiving a mixed reaction in the market. Within the last 24 hours, XRP suffered a loss of 4.5% in price before recovering slightly by 1.2%.
At the moment, the token changes hands at $0.55611. The timing of this listing is very critical since it occurs at the same time when Ripple recently won a case against the SEC.
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6通貨の取扱いを開始しました！
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本日より #Coincheck 取引所においてETH、XRP、SHIB、XEM、IOST、ENJの取扱いスタート！ https://t.co/NOY7NT7SfY
— Coincheck(コインチェック) (@coincheckjp) September 4, 2024
Ripple’s Legal Win
The recent court case that involved Ripple and the SEC was a real rollercoaster. Now, it is clear that the judge has decided not to fine Ripple $2 billion, as wanted by the SEC, but allowed them to settle it for $125 million instead.
Many praised the development as a turning point not only for Ripple but also for the larger cryptocurrency community. The sense of jubilation also extended to Brad Garlinghouse, the chief executive of Ripple, who said that the decision sent a very strong signal towards other crypto startups that their fights against regulatory authorities may come out positively.
The impact of the ruling also extends far beyond Ripple. It’s indicative of a more crypto-friendly regulatory regime, which could very well spur further innovation and investment in the industry. All this during the continuing fallout of the legal mess, and XRP’s listing on CoinCheck could fuel investor confidence, along with more activity in the markets.
XRP: Market Reactions And Next Moves
However, the market has still been cautiously optimistic about the listing on CoinCheck. In as much as the price movements have been upward in recent weeks, many analysts say the accessibility of the XRP asset means that the trading volume can only go upwards.
At a time when Japan is opening up to other popular cryptocurrencies like Ethereum and Shiba Inu, CoinCheck’s choice to list the XRP asset should be seen to mean the evolution of digital acceptance in the country.
Another ongoing point of interest is the strategy of Ripple when it comes to the release of XRP from escrow. The company recently unlocked 1 billion XRP, valued at about $550 million; of those, 800 million tokens were locked back into escrow.
This has been a consistent practice of Ripple for the last seven years and one that CEO Garlinghouse said may involve some burning of XRP in escrow in the future.
Featured image from Pelago, chart from TradingView