CoinCheck, a significant Japanese crypto exchange, has added XRP, the seventh-largest digital asset by market capitalization, to its list of supported cryptocurrencies. This update follows a notable legal win for Ripple Labs, the company behind XRP, which has contributed to renewed interest and fluctuations in the crypto market.
CoinCheck shared news about its decision to support XRP, along with five other cryptocurrencies: Ethereum (ETH), Shiba Inu (SHIB), NEM (XEM), IOST (IOST), and Enjin Coin (ENJ). CoinCheck, which ranks 48th on CoinMarketCap’s global list of crypto exchanges, is making strides to strengthen its position in both the Japanese and international crypto markets.
The addition of XRP is anticipated to enhance liquidity for the cryptocurrency and offer new opportunities for investors in Japan. This decision is seen as a significant endorsement of XRP, especially in light of recent legal developments involving Ripple.
Ripple recently achieved a major legal victory against the U.S. Securities and Exchange Commission (SEC), a development that has significantly impacted the cryptocurrency. In early August, federal judge Analisa Torres ruled against the SEC’s request for Ripple to pay $2 billion in fines. Instead, Ripple was instructed to pay a reduced amount of $125 million.
This ruling has been described as a victory not only for Ripple but also for the broader cryptocurrency industry. The decision is expected to influence regulatory approaches and future legal proceedings involving other crypto entities. Ripple’s CEO, Brad Garlinghouse, emphasized that the outcome could have far-reaching effects on the regulatory landscape.
Following the news of XRP’s listing on CoinCheck, the cryptocurrency has experienced notable price movements. Over the past 24 hours, XRP experienced a decline of 3.48%, followed by a minor increase of 1.2%. As of the latest update, XRP is trading at around $0.55611 per token.
These fluctuations reflect market sentiment and the impact of new exchange listings on cryptocurrency prices. The inclusion of XRP on a major platform like CoinCheck is viewed positively, potentially increasing its accessibility and trading volume in Japan.
In addition to the exchange listing, Ripple has recently released one billion XRP tokens from escrow, valued at approximately $555.89 million. Of this amount, $800 million was re-locked into escrow. This practice, which Ripple has consistently followed for the past seven years, involves unlocking one billion XRP each month and subsequently re-locking 80% of the released coins.
Ripple’s CEO, Brad Garlinghouse, has suggested the possibility of burning some of the XRP held in escrow. This would involve placing the tokens in an unspendable wallet, effectively removing them from circulation. Garlinghouse has shown openness to discussions on this topic, indicating potential adjustments in Ripple’s strategy regarding XRP supply management.
The inclusion of XRP on CoinCheck’s platform and Ripple’s recent legal success represent significant milestones for the cryptocurrency. The increased accessibility of XRP in Japan could lead to higher adoption and trading volume, while the favorable legal ruling may result in more positive regulatory developments.
Market observers will be watching closely to see how these events affect XRP’s price and its standing in the broader cryptocurrency market. Ripple’s navigation of legal and regulatory challenges, combined with the performance of XRP, will continue to be key areas of interest within the crypto community.
Evie is a blogger by choice. She loves to discover the world around her. She likes to share her discoveries, experiences and express herself through her blogs.
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