By
Tolu Ajiboye
May 10th, 2024
Gemini highlighted that XRP will be available for trading under several currency pairs including USD, GBP, EUR, CAD, SGD, HKD, and AUD.
Following the court’s ruling earlier last month on the SEC vs Ripple case, cryptocurrency exchange Gemini announced on Thursday that it has now added the support of XRPL and its native digital asset XRP. According to the announcement, XRP is now available for trading on the company’s API/FIX and ActiveTrader applications for USD pairs. Additionally, the company announced that the Gemini Mobile App and website users can trade XRP pairs in USD, GBP, EUR, CAD, SGD, HKD, and AUD. The announcement was welcomed by the XRP and Ripple community as it means enhanced liquidity for the digital asset.
“Adding XRP Ledger to our list of supported crypto networks is an important step on our mission to unlock the next era of financial, creative, and personal freedom,” Gemini noted in the announcement.
The crypto exchange, however, noted that XRP can only be stored in its exchange wallet before it is made available for the Gemini Custody. The company additionally advised its users that they must upgrade to the latest version of its mobile app to deposit XRP.
Be sure to update your Gemini mobile app to version 23.808.0 to deposit XRP
Read more here ⤵️https://t.co/ib7lvQkz1r
— Gemini (@Gemini) August 10, 2023
Market Implications for Gemini Listing Ripple-backed XRP
The support of XRPL and XRP on the Gemini cryptocurrency exchange is a mutual benefit that extends the interaction of both communities. Notably, XRP is globally traded and adopted by a wide range of institutional investors tapping Ripple’s cross-border payment infrastructure like On-Demand Liquidity (ODL), and RippleNet. According to the latest crypto market data, the XRP digital asset has a market capitalization of approximately $33.4 billion and a 24-hour trading volume of about $1.147 billion.
Gemini exchange, on the other hand, is available to over 70 countries through regulated means and has facilitated over $200 billion in traded volume. The company has several products in the market including staking, credit card, eOTC, and custody for institutional investors. The company has made strategic partnerships along the way to help accelerate the mainstream adoption of digital assets. Among the companies in Gemini’s portfolio as partners, there are Samsung, Nifty Gateway, and Brave, among others.
As a New York-based crypto company, Gemini is regulated by the New York State Department of Financial Services (NYSDFS) to provide its services. With millions of crypto traders already using Gemini exchange and XRP offering deep liquidity, experts believe the integration is strategic for their future growth prospects.
Meanwhile, the announcement did not have a major positive effect on the XRP price in the past day. According to market data provided by Coingecko, XRP price trades around 63 cents, down approximately 5.1 percent in the last week. Nevertheless, XRP price has gained approximately 83 percent YTD fueled by regulatory clarity and several listings.