Peter Smith
Coinbase has reinstated Ripple (XRP) trading for New York customers, marking a significant return after a 3.5-year suspension.
Coinbase Reopens Ripple (XRP) Trading to New York Customers
In a significant development for the crypto community, Coinbase has reintroduced Ripple (XRP) trading for its New York customers. Paul Grewal, Coinbase’s Chief Legal Officer, announced the news on Twitter, highlighting the collaborative efforts with the State to make this possible:
The reinstatement comes after a lengthy suspension that began in January 2021 when Coinbase delisted XRP 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 like OKCoin, Crypto.com, and OSL to delist XRP. This move significantly impacted XRP’s market cap, which plummeted from $70 billion to $29 billion.
Despite the delisting, Coinbase remained a vocal supporter of Ripple throughout the legal proceedings. The exchange even filed a motion to support Ripple, which was accepted by the judge. 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 set the stage for XRP’s return to major trading platforms.
XRP Trading Resumes Amid Positive Market Indicators
As of now, New York residents can trade and store XRP on Coinbase’s web platform and mobile apps for iOS and Android. This move is expected to reinvigorate interest in XRP, although the news did not trigger significant price movements in the last 24 hours. At the time of writing, XRP remains stable at $0.52, unchanged from the previous day.
However, a look at XRP’s trading volumes over the past 24 hours reveals a different story. There has been 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.
Future Prospects for XRP on Coinbase
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. 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 be watching closely to see how this development impacts XRP’s market dynamics and whether it can regain its former standing in the cryptocurrency rankings.
Peter Smith
