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- BitMEX is relisting XRP for trading on its spot market.
- This listing comes despite the yet-to-be-concluded lawsuit between Ripple Labs and the SEC.
BitMEX, one of the world’s leading crypto exchanges, recently took a bold step forward in the crypto space as it announced its decision to list XRP for spot trading. This decision comes at a crucial time for Ripple Labs Inc., the company closely associated with XRP as it battles an ongoing lawsuit with the US Securities and Exchange Commission (SEC).
With BitMEX’s choice to accept XRP in the face of legal uncertainties, the cryptocurrency keeps reiterating its relevance in the crypto space.
Implications of BitMEX’s XRP Listing
BitMEX highlighted in a blog post that it aims to begin listing XRP-USDT pairs via the open order book. The listing which commences Today at 04:00 UTC will give BitMEX users the ability to deposit, exchange, and withdraw XRP directly on the platform. By enhancing accessibility for traders, this integration promises a smooth trading experience on online and mobile platforms.
Additionally, BitMEX customers may easily acquire digital assets by converting XRP into over 30 additional cryptocurrencies at no cost. This action not only broadens BitMEX’s product offering but also shows the exchange’s belief in XRP’s potential despite the lingering legal saga surrounding Ripple.
Building on previous reports by Crypto News Flash, the Ripple vs. SEC case is close to its final lap, with the SEC set to file its opening brief on remedies-related matters on March 22. This is an important phase in the legal processes, as it lays the groundwork for Ripple’s defense and the SEC’s pursuit of remedies for suspected securities breaches.
According to the report, Ripple will have until April 22 to file its opposition brief, with the SEC’s prospective reply brief due May 6th. This phase will center on certain papers that the SEC acquired via the discovery process, especially those on institutional sales contracts that Ripple completed after the case was filed.
For the most part, Ripple has not changed its mind on how its transactions should be categorized. The business is putting up a strong fight against the SEC’s allegations by claiming that its On-Demand Liquidity (ODL) transactions do not qualify as securities.
XRP’s Market Performance and Outlook
Despite Ripple’s legal uncertainties, XRP remains resilient in the crypto market. With a $2.5 billion 24-hour trading volume, XRP is currently trading at $0.5972. Although there has been a 13.4% weekly decrease, the relative strength index (RSI) is still neutral, meaning that the direction of price movement might tilt either upward or downward drawing on the 51.90 reading.
As previously reported by Crypto News Flash earlier this week, David Schwartz, Ripple’s Chief Technology Officer, provided insights into his view of XRP, describing it as a high-volatility asset similar to most cryptocurrencies. He emphasized the concept of progressive appreciation, drawing comparisons with Bitcoin’s long-term growth over the last 12 years.
Moreover, crypto analyst DustyBC predicts XRP will climb to $6.00, breaking a multi-year resistance, as Crypto News Flash had earlier detailed.
