BitMEX Introduces Spot Trading for XRP as Ripple Vs SEC Lawsuit Deadline Approaches

BitMEX, the renowned cryptocurrency exchange, has made a significant move by announcing the inclusion of XRP for spot trading. This decision comes at a crucial time as Ripple Labs and the US Securities and Exchange Commission (SEC) continue their legal battle.

In an effort to provide a seamless trading experience, BitMEX has introduced XRP_USDT trading pairs. Starting from 04:00 UTC on March 20, users can deposit, exchange, and withdraw XRP directly on the platform. What’s more, BitMEX users can conveniently convert XRP into over 30 different cryptocurrencies without any charges, making it easier to acquire digital assets.

Meanwhile, the SEC is approaching a pivotal phase in the ongoing lawsuit. On March 22, they are expected to issue an opening brief regarding remedies-related issues. This development holds great importance as it sets the stage for Ripple’s defense and the SEC’s pursuit of remedies for alleged securities law violations.

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 initiation of the lawsuit. Ripple is prepared to challenge the SEC’s claims, especially regarding the classification of its transactions, asserting that its on-demand liquidity (ODL) transactions are not securities.

As for XRP’s price analysis, it is currently being traded at $0.5791, with a 24-hour trading volume of $3,989,148,687. Despite a slight decline of -0.87% in the past 24 hours, XRP continues to display resilience in the cryptocurrency market. The relative strength index (RSI) stands at 51.90, indicating a neutral stance without any clear directional bias. Therefore, it is possible that XRP may experience further declines and revisit the support level of $0.57 in the near future.