Gemini relists XRP in style – Were prices affected?

• Gemini announced the relisting of XRP in a rather dramatic way.
• Despite the relisting, XRP maintained the $0.6 price range as of press time.

After the Securities and Exchange Commission (SEC) lawsuit declared Ripple [XRP] a security, several exchanges removed it from their listings. 

Realistic or not, here’s XRP market cap in BTC’s terms

But on 10 August, cryptocurrency exchange Gemini announced the relisting of XRP. Their announcement caught attention due to its unique approach. Alongside a brief video, Gemini seemed to indirectly take a shot at the SEC and its current chair, Gary Gensler.

Xcited to announce $XRP is now available for trading on Gemini. pic.twitter.com/E9Xiv8BTo3

— Gemini (@Gemini) August 10, 2023

Prior to this announcement, Coinbase announced that it had resumed XRP trading on 13 July, once liquidity requirements were fulfilled. Similarly, Kraken had also relisted XRP for U.S. traders, allowing trading against various fiat pairs and ETH, BTC, and USDT.

Around 13 July, Bitstamp unveiled that XRP trading was once again available for U.S. users on its platform as well. The relisting announcements were prompted by a ruling in July. U.S. District Judge, Analisa Torres, declared that XRP did not qualify as a security when traded on secondary exchanges.

This ruling marked a partial victory for Ripple in an ongoing legal case that originated in December 2020 and led to the initial delisting of XRP from these exchanges.

Steady course for Ripple’s active addresses

XRP’s relisting had little impact on daily active addresses and 24-hour active addresses. As of this writing, the daily active addresses were over 60,000, while the 24-hour active addresses hovered around 197,000. 

Source: Santiment

Although these figures had no notable surges, an observable trend was an increase in their volume following the court ruling. This could be attributed to more exchanges relisting XRP and allowing U.S. users to trade.

The surge in trading activity is likely to result in a substantial rise in Ripple’s trade volume, consequently affecting its price.

XRP’s price trajectory holds steady

On the daily timeframe chart, XRP exhibited a stable position within the $0.6 price range. As of this writing, it was trading at approximately $0.62, reflecting a minor decrease of less than 1%.

How much are 1,10,100 XRPs worth today?

The short Moving Average (yellow line) continued to function as a support level at press time, with the price maintaining its trajectory above this line.

Source: TradingView

Additionally, the trading volume remained steady, situated within the range of 1 billion. There have also been no notable surges in volume at the time of this writing.

Source: Santiment