At press time XRP token was trading at $0.6294, down 3.97% in 24 hours.
Only XRP deposits were possible at the time of writing.
The exchange has promised to open XRP trading soon.
Gemini, a cryptocurrency exchange, has announced that it will support the XRP Ledger (XRP) blockchain, adding it to a growing list of supported networks. The exchange has opened token deposits with trading expected to start soon be possible.
We have xciting news!
XRP is now available for deposits on Gemini. Trading support will follow xtra soon. ???? pic.twitter.com/f2EjxewRm0
— Gemini (@Gemini) August 10, 2023
The news has however done little to stop the bearish trend that has seen the XRP token price drop by over 6% in the past seven days.
Why Gemini listing is a great plus for XRP
The XRP token was delisted by all cryptocurrency exchanges when the United States Securities and Exchanges Commission (SEC) filed a lawsuit against Ripple Labs for what it stated as selling a security without the required registration. However, exchanges have been lining up to relist XRP after Ripple won the case.
Gemini is known for having strict listing requirements, and many cryptocurrencies have struggled to meet them. Therefore, this news is encouraging for the XRP community after the recently won battle against the US SEC although there are speculations that the case could be appealed.
With Ripple (XRP) now available on Gemini Exchange, it is poised to reach a wider audience of investors and traders leading to increased liquidity and trading volume for the cryptocurrency. Besides its widespread acceptance across the crypto space, Ripple has also been working extremely hard to gain acceptance in the traditional financial world.