Coinbase has triumphantly reintroduced Ripple (XRP) trading for its New York customers, marking a remarkable comeback after a prolonged hiatus of 3.5 years. Coinbase’s Chief Legal Officer, Paul Grewal, announced the news on Twitter, highlighting the collaborative efforts with the State that made this reinstatement possible.
Overcoming Obstacles
Coinbase had previously suspended XRP trading in January 2021 due to the ongoing legal battle between the SEC and Ripple. The SEC had accused Ripple of offering unregistered securities, prompting Coinbase and other exchanges to delist XRP. This move significantly impacted XRP’s market cap, which plummeted from $70 billion to $29 billion.
Despite the delisting, Coinbase remained an unwavering supporter of Ripple throughout the legal proceedings. The exchange even filed a motion to support Ripple, which the judge accepted. The case saw a turning point in July 2023 when the court ruled in favor of Ripple, declaring that XRP is not a security. This partial victory paved the way for XRP’s return to major trading platforms.
Renewed Interest and Market Dynamics
As a result of Coinbase’s decision, New York residents can now trade and store XRP on the exchange’s web platform and mobile apps for iOS and Android. This move is expected to reignite interest in XRP. While the news did not trigger significant price movements in the last 24 hours, a closer examination of the trading volumes reveals a different story.
Over the past 24 hours, XRP has experienced a remarkable 106% increase in trading volume, indicating heightened activity and interest among traders. Despite the stable price, XRP continues to hold a strong market position, with a total market cap nearing $29 billion, securing its place as the seventh-largest cryptocurrency by market cap.
The Path Forward
The reintroduction of XRP trading on Coinbase in New York marks a significant milestone for the crypto asset. With legal hurdles now partially cleared and regulatory clarity improved, XRP’s future on Coinbase and other exchanges looks promising. Moreover, the collaborative effort between Coinbase and the State underscores the importance of regulatory compliance and partnership in the evolving crypto landscape.
The crypto community will closely monitor how this development impacts XRP’s market dynamics and whether it can regain its former standing in the cryptocurrency rankings. The stage is set for XRP’s comeback, and the journey ahead will be one to follow with keen interest.
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