Following the delisting of XRP from some crypto exchanges, ongoing campaigns, agitations and recent developments suggest the digital asset could be getting relisted in the near future.
The Cryptocurrency was delisted from some exchanges amid a legal battle between its parent company Ripple and the U.S. Securities and Exchange Commission, SEC—an independent government agency responsible for regulating securities and protecting investors.
Consequently, proponents of XRP, nicknamed “XRP Army”, have started a movement, pressuring exchanges to relist the Cryptocurrency with the hashtag “#RelistXRP” trending in several countries on Twitter.
The degree of publicity this movement has gained in the past few days with thousands of accounts supporting it goes to show the level of growing demand the asset is getting in recent times.
This interest [and subsequent demand] could in turn positively affect the value of the digital asset—an occurrence that would further potentially influence demand for the asset.
Regardless of the litigation against Ripple and the heat on XRP, the Cryptocurrency has stood tall in recent times, gaining value over the past week. This looks promising for an asset going through such challenging times.
Additionally, just last week, reports of growing interests in XRP reached cyberspace, with the crypto asset surging by 9% notwithstanding its legal tussle with the SEC.
Recent reports also reveal business executive and founder of Ripple Labs, Chris Larsen has initiated moves with Bradley Garlinghouse—CEO of Ripple Labs—in an attempt to dismiss the lawsuit filed against the company.
American editor, Michael Arrington, taking to Twitter, said, “there is zero risk for Coinbase and others to now relist XRP” a few days ago following whispers that the legal battle could look favorable for Ripple.
XRP is the seventh most valuable cryptocurrency with a current market cap of $24.45 billion having been launched in 2012. XRP is issued and partly managed by Ripple Labs, Inc.—a San Francisco-based payment platform.
Late last year, the SEC filed a lawsuit against Ripple Labs, alleging that the company and two of its executives “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering”. Ripple Labs denied all the allegations placed on it by the SEC.
A legal battle has since ensued between the commission and Ripple, with several major exchanges delisting XRP as a result of the heat of the battle. Exchanges on the list include Binance.US, Coinbase, Bitstamp, Crypto.com, and Bittrex.
Nevertheless, recent developments suggest the trying times for the digital assets are gradually coming to an end, with the increasing agitations calling for it to be relisted on exchanges and reports alleging that the lawsuit seems to be producing auspicious results for Ripple.
Published at Fri, 26 Mar 2021 11:53:23 +0000