Coinbase to Re-Enable Trading of XRP
Coinbase announced that it will resume trading of XRP on its platform following a federal court ruling that determined certain transactions on exchanges did not involve the sale of securities. Here are the key points:
– Coinbase will allow trading of XRP on the XRP network, but users should not send this asset over other networks to avoid losing funds.
– Trading is expected to begin later in the day, depending on liquidity conditions. Trading pairs such as XRP-USD, XRP-USDT, and XRP-EUR will be launched in phases once there is sufficient supply.
– However, support for XRP may be limited in some jurisdictions where trading is supported.
The lawsuit between the Securities and Exchange Commission (SEC) and Ripple Labs may now proceed to trial or be appealed. Many U.S.-based crypto exchanges had halted XRP trading when the SEC initially sued Ripple. Additionally, Gemini is considering relisting XRP for both spot and derivatives trading.
As a result of these developments, XRP’s value increased by over 80% on Thursday, reaching its highest level since April 2022. Coinbase’s Chief Legal Officer, Paul Grewal, expressed their careful analysis and decision to relist XRP.
Hot Take:
The ruling in favor of XRP trading on Coinbase and the potential relisting on Gemini have caused a significant surge in its value. This decision may open the doors for other exchanges to reconsider their stance on XRP, leading to further growth in its market presence.
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