- Coinbase relaunches XRP trading in New York after suspension due to legal battle with SEC.
- XRP market cap dropped from $70 billion to $29 billion post-delisting by Coinbase and other exchanges.
- Court ruling in July 2023 declared XRP not a security, leading to its return to major trading platforms.
In a major development for the cryptocurrency community, Coinbase has reinstated Ripple (XRP) trading for its New York customers. The chief legal officer of Coinbase, Paul Grewal, tweeted the announcement, praising the collaborative effort with the state that enabled it.
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This follows an extended suspension imposed on XRP by Coinbase following a legal dispute that started in January 2021. The market cap of XRP plunged from $70 billion to $29 billion as a result of exchanges delisting it in response to the SEC’s claims that they offered unregistered securities.
Coinbase maintained a strong stance in favour of Ripple during the legal process, even after the delisting. In July 2023, the court ruled in favour of Ripple, confirming that XRP is not a securities, turning the tide in their favour. Following this win, XRP has been allowed to return to major trading platforms.
XRP can currently be traded and held by New Yorkers on the Coinbase website and through iOS and Android mobile apps. Crypto investors are likely to become interested in XRP again after this move, even though it has not led to major price changes in the last 24 hours.
The trading volume has, however, increased by an astounding percentage, suggesting increased activity and interest among traders. With a total market valuation of around $29 billion, XRP is still in the top seven cryptocurrencies despite its stable pricing.
New York’s Coinbase reopening as an XRP trading platform is a major step forward for the cryptocurrency. Coinbase and other exchanges’ chances of listing XRP have improved as a result of regulatory clarity and the removal of some legal hurdles. The collaborative effort of Coinbase and the State emphasizes the value of cooperation and regulatory compliance in the changing cryptocurrency scene.
The cryptocurrency world is closely watching how this development will affect the dynamics of the market and whether XRP can rise once again in the coin rankings.
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