XRP Rides High As Major Japanese Exchange Adds Support—Details
September 05 2024 - 8:30AM
NEWSBTC
Japanese cryptocurrency exchange CoinCheck made headlines with the
intention of listing XRP, which is the seventh-biggest digital
currency, alongside five other cryptocurrencies. Related Reading:
Monero (XMR) Unfazed By Market Jitters, Climbs 13% – Details 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. // Coincheck取引所において 6通貨の取扱いを開始しました!✨ \ 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 cap currently at $31 billion. Chart: TradingView.com 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. Related Reading: RENDER Flashes Red
With 18% Short-Term Loss – Details 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
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