XRP Makes a Strong Comeback After a Relisted on Phemex

Ripple’s native token XRP is

April 29, 2021

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Ripple’s native token XRP is making a strong comeback from its legal woes with the U.S Security and Exchange Commission. Following its relisting on cryptocurrency exchange Phemex, speculation on a bullish trend started rising.

The Singapore-based trading platform Phemex had previously halted its support for XRP/USDT and XRP/USD pairs when SEC initiated the lawsuit against Ripple. The suit was against Ripple, its CEO Brad Garlinghouse, and its chairman and co-founder, Chris Larsen. The cryptocurrency exchange Phemex and its two executives were accused of selling $1.3 billion worth of XRP as securities without prior registration.

The lawsuit set up a bearish frenzy in the cryptocurrency markets as traders started selling XRP before incurring any losses. Cryptocurrency exchange platforms such as Phemex suspended XRP trades in a bid to safeguard their users from a market-wide liquidation.

Cryptocurrency Exchanges That List Ripple Are Not Liable

However, following the late March update of the SEC v. Ripple case, investors have been slowly returning to XRP. The update from attorney Jeremy Hogan was that SEC implied that cryptocurrency exchanges that listed XRP were not liable in the lawsuit against Ripple. Section 4 of the Securities Act affirms that Ripple and its affiliates are solely responsible for illegal sales.

Attorney Hogan’s update initiated an increased demand for cryptocurrency exchange platforms to relist XRP. The hashtag ‘RelistXRP’ was trending on Twitter a few minutes after attorney Hogan’s comments.

Singapore-based trading platform Phemex conducted a survey soon after to find out what portion of its traders wanted Ripple’s native token XRP relisted. Out of 2,500 responses, 74% were in support of Phemex resuming the Ripple XRP offering. The CEO of Phemex, Jack Tao, commented on the results that the cryptocurrency exchange has affirmed the loud and clear voice of the customers and thus proceed to relist XRP.

Ripple’s Native Token XRP Surged by More Than 40% after Relisting on Phemex

The effect of Phemex’s relisting of XRP was a rebound in its price. In only 48 hours, XRP bounced back from the 200 four-hour moving average and recorded a surge of more than 40%. The speculation is that XRP could surge even more with the excitement of the market over its return on the Singapore-based trading platform Phemex.

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