- After SEC-Ripple hearings, it became obvious that exchanges that have delisted XRP or halted its trades in the US were not in violation of securities laws.
- This resulted in the arising “RelistXRP” hashtag on Twitter which began trending in the US recently.
- Problems with XRP began when the SEC alleged Ripple for raising funds through the sale of XRP digital assets in unregistered securities.
In the latest hearing between Ripple and the Securities and Exchange Commission (SEC), things looked more positive than expected for XRP, which fueled a 20% price surge.
First off, there was the bombshell from the judge (Sarah Netburn), which she said:
My understanding about XRP is not only does it have a currency value but it has a utility and that utility distinguishes it from Bitcoin and Ether.
Of course, the judge’s comment was corrected by Attorney Solomon who described how Ether also has a lot of utility. While the comment wasn’t completely correct, it premises two humongous things – 1) XRP has a currency value 2) XRP has utility.
This comment was great for XRP, however, what happened next was even better. About halfway through the hearing, the judge asked for clarification if anyone who sold XRP, was by extension, in violation of securities laws as a result, the SEC attorney replied:
No, under section 4, only Ripple and affiliates of Ripple can have sold XRP illegally.
This can simply mean that exchanges like Kraken, Coinbase, Binance.US, and others that have halted XRP trades or delisted it completely in the US two months ago were not violating securities laws. And if they decide to relist XRP again, they would not be violating anything either.
This prompted the passionate community of XRP to begin the “RelistXRP” hashtag on Twitter and try to convince exchanges to bring back their beloved XRP.
The XRP enthusiasts were pretty successful in their campaign as the #RelistXRP hashtag went viral and generated more than 30,000 tweets.
All these good news also affected XRP price. XRP was able to push through the $0.50 barrier and increase by up to 20% and hit $0.60. However, as of now, the price has slightly dropped to around $0.56 which is only a 10% boost, according to data by coinmarketcap.
Will XRP be relisted?
SEC had previously emphasized that it has no intentions to sue everyone involved in XRP trading. And now, their attorney says that “only Ripple and affiliates of Ripple can have sold XRP illegally”.
Moreover, Uphold, Bitrue, and BTC Markets have continued to allow XRP trading despite the lawsuit against Ripple Labs.
Ripple’s representatives have described multiple times that the XRP token should not be legally affected by the Ripple-SEC drama. Brad Garlinghouse, Ripple CEO, had previously said that even if “Ripple goes away, XRP’s gonna keep trading.”
