BitMEX Listing XRP for Spot Trading Amidst The Looming Deadline in Ripple Vs SEC Lawsuits

The post BitMEX Listing XRP for Spot Trading Amidst The Looming Deadline in Ripple Vs SEC Lawsuits appeared first on Coinpedia Fintech News

BitMEX, the leading cryptocurrency exchange, took a significant step by announcing the listing of XRP for spot trading. The decision comes on the heels of a looming deadline in the ongoing legal battle between Ripple Labs and the US of the Securities and Exchange Commission (SEC).

Meanwhile, the SEC is set to issue a brief opening statement on the remedies on March 22, marking a pivotal phase in the proceedings.

BitMEX Listed XRP

In a recent update shared via a blog post, BitMEX revealed plans to introduce new spot trading pairs, XRP_USDT. Starting exactly at 04:00 UTC on March 20, BitMEX users can deposit, exchange, and withdraw XRP directly on the platform. 

Integrating XRP into BitMEX’s ecosystem promises a seamless trading experience across mobile and web platforms. Additionally, users can convert XRP into more than 30 different cryptocurrencies for free, making it easier to acquire digital assets.

Ripple vs SEC Lawsuit Key Update

The ripple vs SEC lawsuit is now poised to enter a critical phase, where the SEC is expected to issue its opening brief on the details of remedies-related issues on March 22. 

Meanwhile, Ripple will have until April 22 to file its opposition brief, followed by a May 6th deadline for the SEC’s potential reply brief. This phase of the legal proceedings is crucial, as it sets the tone for Ripple’s defense and the SEC’s pursuit of remedies against alleged securities law violations. 

Moreover, the focus will be on specific documents obtained by the SEC during the discovery process, particularly those related to institutional sales contracts made by Ripple after the lawsuit’s initiation. 

Ripple is also prepared to fight the SEC’s claims, particularly on the classification of its transactions, saying its on-demand liquidity (ODL) transactions do not constitute securities.

XRP Price Analysis

XRP is currently trading at $0.5791, with a 24-hour trading volume of $3,989,148,687. Despite a slight decline of -0.87% in the last 24 hours, XRP continues to show resilience in the cryptocurrency market.

The relative strength index (RSI) stands at 51.90, indicating neutrality with no obvious directional bias in the XRP price movement. Given this scenario, XRP could see further declines and revisit the $0.57 support level in the near term.