CoinCheck, a prominent Japanese cryptocurrency exchange, has announced the addition of XRP to its trading platform, alongside five other digital currencies: Ethereum (ETH), Shiba Inu (SHIB), NEM (XEM), IOST (IOST), and Enjin Coin (ENJ). This development follows a significant legal victory for Ripple, boosting sentiment around XRP.
CoinCheck Expands Cryptocurrency Offerings
The listing, which places XRP among the assets tradable on the 48th-ranked global exchange, was first teased in a tweet from CoinCheck on August 30. This strategic expansion of CoinCheck’s asset portfolio is part of the exchange’s ongoing efforts to cater to a broader segment of the crypto market, potentially attracting a larger user base.
Ripple’s Legal Victory and Market Impact
This listing comes on the heels of Ripple’s major win against the U.S. Securities and Exchange Commission (SEC). In early August, Federal Judge Analisa Torres ruled significantly in Ripple’s favor, rejecting the SEC’s demand for Ripple to pay $2 billion in fines and penalties. This ruling not only alleviated some of the legal pressures on Ripple but also set a precedent that could influence the regulatory approach to other crypto companies.
Brad Garlinghouse, Ripple’s CEO, celebrated the decision as a victory for the entire cryptocurrency industry, emphasizing its implications beyond just Ripple. The legal outcome and subsequent listing have had noticeable effects on XRP’s market behavior.
XRP Price Reaction
Following the announcement, XRP experienced a mixed price movement. Over the last 24 hours, the token saw an initial decline of 3.48%, followed by a recovery, adding 1.2% to its value. At the time of writing, XRP is trading at $0.55611 per token. The market’s response reflects both the ongoing adjustments following Ripple’s legal developments and the new listing’s impact.
Ripple’s Ongoing Developments
In related news, Ripple has continued its routine financial operations, unlocking another billion XRP from escrow earlier this week, a practice it has maintained monthly for the last seven years. Brad Garlinghouse also hinted at potential future plans for the escrowed XRP, including possible permanent removal from circulation, which could influence the token’s supply dynamics significantly.
Looking Forward
As Ripple navigates its post-litigation landscape and expands its presence in Asian markets, the community remains attentive to how these developments could further integrate XRP with institutional banking operations across Japan. For more insights into XRP’s trajectory and Ripple’s engagements in the region, consider reading:
