Just a few hours after its noted relisting on cryptocurrency exchange BitMart, XRP has seen more than $600,000 in trading volume, according to U.Today. The tumultuous road for the token saw it delisted from the platform in 2021 due to legal proceedings between Ripple and the SEC. Subsequently, it was relisted today.
The Ripple-affiliated XRP cryptocurrency is currently able to be traded on the platform against the Tether stablecoin. The BitMart development occurred today, following a plethora of excitement from users. Moreover, the relisting follows a lot of social media calls for the cryptocurrency to return to platforms.
XRP Relisted to Strong Reception
The journey of the XRP cryptocurrency is one of the markets most interesting. In December 2020, the cryptocurrency began to be delisted from various crypto exchanges, including Coinbase. Thereafter, the occurrence was noted as due to the impending legal action against Ripple labs, the firm behind XRP, and the U.S. Securities and Exchange Commission (SEC).
The legal battle was based on the allegation that Ripple was selling unregistered securities, leading to the delisting campaign. Many cryptocurrency exchange platforms did not want to expose themselves to the litigation risk of offering XRP services. Thus, with many unwilling to register as broker-dealers or obtain necessary licenses, a mass delisting occurred.
The contention from the SEC surrounded its belief that XRP must be held in compliance with federal securities laws. Now, BitMart marks one of the first returns of exchanges relisting the digital asset. Moreover, its XRP has yielded over $600,000 in trading volume since its relist, propelling BitMart to the top 20 in XRP trading.
Another interesting development is XRPL, the XRP ledger. Conversely, because centralized exchanges like BitMart occur off-chain, the relist has had little effect on the Ripple decentralized blockchain. Still, U.Today additionally notes that activity on the XRP ledger is featuring 1.2 million daily transactions.