Sixth-largest cryptocurrency by market cap, Ripple (XRP) is celebrating another win despite its travails with the US SEC. According to reports, Japanese exchange TAOTAO has revealed plans to create a spot for the token on its platform, which will give investors in the region access to it for trading and investing.
The recent partnership between TAOTAO and SBI VC Trade, another exchange affiliated with a major partner to Ripple, is likely to have spurred the listing plans. TAOTAO has scheduled Sept. 22 for the listing. Due to the listing, XRP will join the brief list of cryptocurrencies available for trading in Japan. Japan’s strict crypto policies do not allow unvetted digital currencies to be accessible. This is meant to protect investors from scams and unverified projects. As such, investors can only buy and sell Bitcoin, Ethereum, Bitcoin Cash, Litecoin.
Investors Expect Pump on XRP
With the listing only two days away, community members including investors and traders are expecting a pump on XRP as it did when reports emerged that Coinbase Pro had relisted it for trading. Several pairs including XRP/BTC, XRP/USDT had appeared sparking speculations that Coinbase Pro reconsidered its January stance, which was when all XRP pairs were delisted on the trading platform. XRP gained 12% in the wake of the rumours but lost it when Coinbase announced that the supposed relisting was a technical error.
XRP had suffered major defeats earlier this year following reports that the US SEC had initiated a lawsuit against it for selling unregistered securities worth $1.3 billion. Apart from Coinbase Pro, 26 other exchanges had deactivated XRP trading on their platforms to avoid run-ins with regulators. Notwithstanding, XRP is still trading on the leading crypto exchange, Binance.
Ripple Proponents Give Strong Points for Relisting
Interestingly, following the disclaimer from Coinbase Pro, XRP proponents started a campaign urging the exchange to relist the cryptocurrency in solidarity with Ripple because of its lawsuit. However, Coinbase Pro did not issue comments in response.
One Twitter user with the handle @jesse_hynes stated that it was time the global crypto community came together against the run-ins with regulators. In his tweet, he declared support for both Coinbase and Ripple.
Ripple (XRP) is still battling with the US SEC, but certain observers have speculated that victory will tilt in the direction of the former based on recent events. In one of the arguments, XRP was compared to Ether- the latter had conducted an ICO just like Ripple. But Ripple is the only one facing the regulatory hassles from regulators.
Another argument alleged that Ether has been left off the hook due to its built infrastructure. Opposing this point, XRP proponents argued that this is a weak point because Ether will be transitioning to a Proof-of-Stake consensus by 2022.