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- Coinbase relists XRP so that the 20 million people living in New York can trade.
- Price of XRP soars in the wake of analyst buy recommendations and judicial victories.
Relaunching XRP trading in New York, Coinbase has made a big step for the cryptocurrency industry in spite of continuing legal and regulatory obstacles in the US. Many people view this as another victory for Ripple in its protracted battle with the US Securities and Exchange Commission (SEC), which Ripple CLO Paul Grewal announced.
XRP trading on @coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up.
— paulgrewal.eth (@iampaulgrewal) May 23, 2024
Coinbase Lists XRP Again
Coinbase’s choice to relist XRP allows the 20 million New Yorkers to trade the cryptocurrency. Chief legal officer Paul Grewal of Coinbase broke the news in an X post on May 23 that emphasized the company’s solid relationship with the State.
Since June of 2023, Coinbase has been embroiled in a legal dispute with the SEC. The SEC charged the cryptocurrency exchange of not registering its staking-as-a-service program and of acting as a broker, clearing agency, and unregistered national securities exchange. This ongoing conflict has placed a significant strain on the platform and its operations.
History of the XRP Delisting
Coinbase initially took XRP off of its US markets in January 2021 after the SEC claimed that Ripple had raised over $1.3 billion in what it considered to be an unregistered securities offering and had sold XRP illegally. This was a big blow to Ripple and its backers.
Opinion of the Judge and Its Effect on the Market
Judge Analisa Torres held in a landmark decision in July 2023 that Ripple’s marketing of XRP on public markets did not violate federal securities law. She did conclude, therefore, that direct sales to institutional clients did amount to investment contracts and called for more legal action. This split decision has kept the legal drama continuing but given Ripple some relief in the open markets.
The current events have driven the price of XRP to about $0.5305, up 0.61% in the last 24 hours and a meager 1.86% in the last week as of writing. Amid the legal disputes and regulatory scrutiny, this encouraging trend shows increasing investor confidence.
On the other hand, as previously reported by CNF, financial analyst Linda Jones has advised to purchase XRP before institutional investments increase its value. This advise appears especially pertinent as XRP shows tenacity in navigating its regulatory obstacles.
