- Coinbase relisted XRP to make it available for trading to 20 million New York residents.
- XRP price surges following analyst buy recommendations and legal victory.
Coinbase’s resumption of XRP trading in New York marks a major step for the cryptocurrency industry, despite ongoing legal and regulatory hurdles in the U.S. Ripple Chief Financial Officer Paul Grewal sees it as another victory for Ripple in its long-running battle with the U.S. Securities and Exchange Commission (SEC).
Trading XRP @Coinbase It’s now available again in New York. We listened to you, worked closely with the state, and now we’re happy to announce that we’re back up and running.
— paulgrewal.eth (@iampaulgrewal) May 23, 2024
Coinbase relists XRP
Coinbase’s choice to relist XRP means 20 million New Yorkers can now trade the cryptocurrency. Coinbase Chief Legal Officer Paul Grewal announced the news in a May 23 X post, highlighting the company’s strong ties with the state of New York.
Since June 2023, Coinbase has been embroiled in a legal battle with the SEC, which accused the cryptocurrency exchange of not registering its staking-as-a-service program and acting as a broker, clearing house, and unregistered national securities exchange. This ongoing dispute has put a great strain on the platform and its operations.
History of XRP delisting
Coinbase initially withdrew XRP from the U.S. market in January 2021 after the SEC alleged that Ripple had illegally sold XRP by raising more than $1.3 billion in what it deemed an unregistered securities offering. This was a major blow to Ripple and its backers.
The judge’s opinion and its impact on the market
In a landmark ruling in July 2023, Judge Analisa Torres ruled that Ripple’s sale of XRP on the public market did not violate federal securities laws. She therefore concluded that the direct sales to institutional investors amounted to investment contracts and called for further legal action. The split decision gives Ripple some relief in the public market, although the legal battle continues.
Due to current events, the price of XRP has risen by approximately $0.5305Up 0.61% Just in the last 24 hours 1.86% As of this writing, that was just last week. This encouraging trend signals growing investor confidence amid ongoing legal disputes and regulatory scrutiny.
Meanwhile, as previously reported by CNF, financial analyst Linda Jones has advised institutional investors to buy XRP before it gains value, advice that seems especially pertinent given XRP’s tenacity in overcoming regulatory hurdles.
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