• As of press time, XRP was trading at $0.6294, down 3.97% in the past 24 hours.
• Currently, only XRP deposits are enabled.
• Gemini plans to start supporting XRP trading in the near future.

Gemini, a prominent cryptocurrency exchange, has announced its support for the XRP Ledger (XRP) blockchain and has included it in the list of supported networks. The exchange has now made it possible for users to deposit XRP tokens on its platform, with trading expected to become available soon.

We have exciting news!

XRP is now available for deposits on Gemini. Trading support will follow extra soon. 🤝 pic.twitter.com/f2EjxewRm0

— Gemini (@Gemini) August 10, 2023

Despite this announcement, the bearish trend continues for XRP, as its price has dropped by over 6% in the last seven days.

Why XRP Benefits from Being Listed on Gemini

When the United States Securities and Exchanges Commission (SEC) filed a lawsuit against Ripple Labs for allegedly selling a security without proper registration, all cryptocurrency exchanges delisted the XRP token. However, after Ripple won the case, exchanges have been eager to relist XRP.

Gemini is known for its stringent listing requirements, making it challenging for many cryptocurrencies to meet them. Therefore, this news is particularly encouraging for the XRP community, especially following their recent victory over the SEC, although there are speculations that the case could be appealed.

With Ripple (XRP) now available on Gemini Exchange, it has the potential to attract a broader audience of investors and traders, leading to increased liquidity and trading volume for the cryptocurrency. In addition to its widespread acceptance across the crypto space, Ripple has been actively working towards gaining acceptance in the traditional financial world.

FAQ

1. What is Gemini?

Gemini is a cryptocurrency exchange that allows users to buy, sell, and store various cryptocurrencies, including Bitcoin, Ethereum, and now XRP.

2. Why is the addition of XRP to Gemini significant?

The addition of XRP to Gemini’s list of supported networks means that users can now deposit XRP tokens and soon trade them on the platform. This allows for increased accessibility and liquidity for XRP.

3. What impact does this have on the XRP community?

The listing of XRP on Gemini provides a boost of confidence for the XRP community, as it signifies the growing acceptance and recognition of the cryptocurrency by reputable exchanges.

4. Will Gemini support XRP trading in the future?

Yes, Gemini plans to open XRP trading on its platform in the near future.

Summary

Gemini, a prominent cryptocurrency exchange, has added support for the XRP Ledger (XRP) blockchain. Users can now deposit XRP tokens on the platform, with trading expected to become available soon. This move is significant for the XRP community as it indicates growing acceptance and recognition of the cryptocurrency by reputable exchanges. Despite the positive news, XRP’s price has continued to experience a bearish trend. However, with the new listing on Gemini, XRP has the potential to attract a wider audience of investors and traders, leading to increased liquidity and trading volume for the cryptocurrency.