Coinbase reintroduces the trading of Ripple (XRP) after a long hiatus, particularly for customers in New York. This decision was conveyed by Paul Grewal, Coinbase's Chief Legal Officer, who took to Twitter to announce the reactivation of XRP trading in the state. The move comes after a collaborative effort between Coinbase and the regulatory bodies in New York to address previous concerns that led to the suspension of XRP trading on the platform.
Coinbase had previously removed Ripple (XRP) from its crypto-exchange back in January 2021, citing the ongoing legal battle between the SEC and Ripple as the primary reason. The SEC had accused Ripple of offering unregistered securities, prompting Coinbase and other exchanges to delist XRP from their platforms. This action had a significant impact on the market cap of XRP, causing it to plummet from $70 billion to $29 billion within a few months.
Despite the delisting, Coinbase continued to show support for Ripple during the legal proceedings, even filing a motion in support of the crypto company. The community also rallied behind the cause, urging Coinbase to reconsider its decision and relist XRP. This sentiment grew stronger after the SEC clarified that XRP sales on the secondary market did not constitute securities.
In July 2023, the Ripple vs. SEC case reached a partial conclusion with a victory for Ripple, as the court ruled that XRP is not a security. This decision paved the way for Coinbase to revisit its stance on XRP trading, leading to its recent revival on the platform for customers in New York.
The reintroduction of XRP trading on Coinbase has not caused any significant price movements for the cryptocurrency in the last 24 hours. As of the latest data, XRP is valued at $0.52, maintaining a stable price compared to the previous day. However, there has been a notable increase in XRP trading volumes over the past 24 hours, indicating renewed interest in the cryptocurrency among investors.
Despite the legal and regulatory challenges faced by XRP in the past, the cryptocurrency still holds its position as the seventh largest in terms of market capitalization, which currently stands at around $29 billion. This indicates that there is still a strong market demand for XRP, and the decision to reintroduce trading on Coinbase is likely to attract more investors looking to capitalize on the potential growth of the cryptocurrency.
Overall, the reinstatement of XRP trading on Coinbase signals a positive development for the cryptocurrency market, particularly for XRP holders and enthusiasts in New York. The collaborative efforts between Coinbase and the regulatory bodies reflect a commitment to fostering innovation and compliance within the crypto industry, paving the way for greater adoption and acceptance of digital assets like XRP. As the market continues to evolve, the reintroduction of XRP trading on Coinbase sets a positive precedent for the future of cryptocurrencies and the role of exchanges in facilitating their trading and investment.
