It has been around ten months since the US SEC cracked down on Ripple and its cryptocurrency, XRP, claiming the same that some investors have been claiming for years — that XRP is unregistered security. The move caused Ripple and XRP alike to lose supporters, and even seek out new markets in the east, particularly in Europe and East Asia.
However, as time went by and the case between the two became more complex, Ripple seems to have actually managed to start getting an upper hand against the regulator. At least, that is what Japan’s TaoTao exchange seems to believe.
TaoTao to bring back XRP
According to recent reports, Japan’s crypto exchange TaoTao recently announced to relist XRP, as the market is growing more confident that the company can defend against the regulator’s accusations.
There is no doubt that the case against Ripple had far-reaching consequences for the coin, which even lost its iconic third spot on the list of largest cryptos, and has since sunk to the 7th position on the list. But, as support for XRP seems to be returning, it is also likely that the coin might soon start to see significant rank improvement.
It is important to note that nothing is yet certain in regards to the SEC’s case against Ripple. The case could either make or break Ripple and XRP, turning them into one of the heroes of the crypto industry, or into another project that fell under the regulator.
The significance of the legal battle becomes clear when viewing how other major exchanges behaved against XRP. The likes of OKEx, Coinbase, Kraken, and alike — all of which are trying to be as regulatory compliant as possible — all distanced themselves from XRP once the case originally started.
Not to mention the likes of MoneyGram, which did not only drop its partnership with Ripple, but it claimed that it never used its technology in the first place. For now, the future remains unclear, but TaoTao’s move could have significant consequences for the future, as it may inspire others to start considering bringing XRP back, as well.
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