After the securities lawsuit against Ripple, XRP experienced a sharp decline, partly due to concerns from cryptocurrency exchanges about regulations, leading them to delist XRP from their platforms. Following years of anticipation for a listing on Coinbase, this lawsuit caused XRP to be swiftly removed from Coinbase as well. Currently, Uphold, the only cryptocurrency exchange within the United States where XRP is still listed, has made a significant statement on the matter.
What Will Happen with the XRP Lawsuit?
Uphold is known as a significant US-based cryptocurrency exchange that is subject to regulations. Nancy Beaton, the CRO of Uphold, made a crucial statement during a recent event. Beaton implied that while the exchange is not directly involved in the Ripple vs. SEC lawsuit, they support the notion that XRP is innocent within that context. While major cryptocurrency exchanges in the US such as Coinbase, Kraken, and Binance US delisted XRP instantly, Uphold chose not to follow suit and kept XRP listed.
XRP Price After the Lawsuit
Beaton mentioned that while XRP meets all the criteria, 70% of the other cryptocurrencies seeking listing do not. According to Beaton, this actually sends a signal for XRP. The Uphold executive also stated that the company's attorney does not see any precedent-setting situation for XRP and emphasized that XRP could continue to be listed on exchanges. Although the Ripple vs. SEC lawsuit is still ongoing, Uphold highlighted that even if the outcome is unfavorable, XRP could still remain listed on exchanges. The scenario that XRP would experience if the lawsuit has a positive outcome is being speculated by many investors. Paul Grewal, Coinbase's legal counsel, stated that even if the lawsuit has a positive outcome, Coinbase will not relist XRP "instantly" and they will proceed with caution. However, the statement made by Uphold, a US-based exchange, actually increases expectations for XRP investors.
