Coinbase, Kraken will relist XRP following Ripple summary judgement

Coinbase delisted XRP in the wake of the SEC’s lawsuit at the tail-end of 2020

July 13, 2023 03:45 pm

FrankHH/Shutterstock modified by Blockworks

Coinbase will re-enable trading for XRP following a Thursday court ruling.

A U.S. District Judge, Analisa Torres, ruled that Ripple’s XRP is not a security when traded on secondary exchanges, even if its institutional sales do meet that definition — handing Ripple partial victory in a case that dates back to 2020.

Following the ruling’s release, Coinbase chief legal officer Paul Grewal tweeted that “it’s time to relist” XRP.

Loading Tweet..

Coinbase announced on Twitter that XRP trading is “anticipated to begin later today, if liquidity conditions are met.”

Newsletter

Subscribe to The Breakdown

Loading Tweet..

The decision from Coinbase comes as other exchanges, including Gemini, mull whether to relist XRP.

Gemini said it was “exploring the listing of XRP for both spot and derivatives trading” earlier Thursday.

Loading Tweet..

XRP markets have risen sharply since the court ruling, with the digital asset’s price up more than 70% in the past day.

In the Thursday ruling, the Court said that “XRP, as a digital token, is not in and of itself a “contract, transaction[,] or scheme” that embodies the Howey requirements of an investment contract”, the court ruled.

However, the Court also ruled that institutional sales were different because “reasonable investors…in the position of the Institutional Buyers, would have purchased XRP with the expectation that they would derive profits from Ripple’s efforts.”

Kraken will also relist XRP for traders in the United States.

Trading via the Kraken app and instant buy will be available once liquidity conditions are met, the exchange said in a blog post. It will trade against all fiat pairs as well as ETH, BTC, and USDT.

Coinbase stock soars

Coinbase stock, which trades under the ticker COIN, was up 25% heading into the close. The stock is nearing a 52-week high of $116.

Over the past month, COIN has skyrocketed nearly 99% following multiple filings for spot bitcoin ETFs from traditional finance giants BlackRock, Fidelity and WisdomTree.

Coinbase and Cboe “reached an agreement on terms” to establish a surveillance-sharing agreement in order to appeal to the SEC.

Get the news in your inbox. Explore Blockworks newsletters:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.

Tags

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Kinetiq Protocol: From LST Infrastructure to HIP-3 Deployer

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

by Shaunda Devens