Phemex Crypto Exchange Relists XRP

Ripple has scored yet another win amid its legal battle with the Securities and Exchange Commission over XRP.

In December 2020, when the SEC moved to sue the fintech firm over XRP for what it deems to be an unregulated security, many exchanges backed away from Ripple, delisting or removing XRP from its trading platform. The lawsuit has also caused Ripple to lose some important partnerships, such as MoneyGram, although the latter specified that it would be open to revisiting a partnership in the future.  

Now, Phemex crypto exchange has announced that it will XRP on its trading platform, as the cryptocurrency is in “great demand.” Additionally, the exchange has also introduced 8 new coins for spot and contract trading. The new cryptocurrencies available for trade on Phemex are Basic Attention Token (BAT), Chiliz (CHZ), Decentralized country (MANA), Enjin Coin (ENJ), Sushiswap (SUSHI), Synthetix (SNX), Graph (GRT), and Maker (MKR).

Phemex is not the only one that has relisted XRP. Last week, Japanese crypto exchange Decurret announced that XRP has been restored to the platform and is available for trade. This is seen as a major win for XRP holders, who took to Twitter to campaign for the relisting of XRP after a decisive discovery hearing in which an SEC lawyer implied that cryptocurrency exchanges were not in violation of securities laws for listing XRP.

XRP price analysis

Following the lawsuit against Ripple, XRP plunged to lows of $0.20 on the market, with many exchanges delisting the cryptocurrency from its platform. However, as the lawsuit continues to unfold, it appears that Ripple has managed to secure several wins in court, notably access to the SEC’s internal cryptocurrency discussions and the court denying the SEC access to Ripple executives’ personal financial records. This has served to reinstall hope and faith in Ripple, and the altcoin has also regained strength, clearing the $1 threshold.

Currently, XRP  is exchanging hands at $1.39 on CoinMaketCap, up 7% in the last 24 hours. The altcoin is facing resistance at $1.46. If XRP manages to surge above $1.46, then a bullish momentum will be triggered and XRP will likely rally to $1.55.

Conversely, if XRP plunges below its 20-day Exponential Moving Average of $1.24, this will indicate that the cryptocurrency is being sold on bullish rallies.