Coinbase Shares Surge After Court Ruling on Ripple Lawsuit
Coinbase shares traded sharply higher on Thursday, surpassing $100 per share for the first time in over a year. This surge came after a U.S. federal court delivered a mixed decision on the Securities and Exchange Commission’s lawsuit against Ripple Labs. Here are the key points:
– The Southern District Court of New York ruled that secondary sales in XRP tokens were not considered the sale of unregistered securities.
– The future of the case is uncertain, as it could go to trial or be appealed.
– Coinbase announced that it will relist XRP following the court ruling.
– As a result, shares in the exchange skyrocketed by 24.5% to $107.
– XRP also experienced significant gains, rising as much as 80% on the same day.
This recent surge in Coinbase’s stock price adds to its impressive rally in 2023, driven by BlackRock’s filing for a spot bitcoin exchange-traded fund. The company’s stock has risen by 193% this year, further boosted by its role as a market surveillance partner for exchanges looking to launch similar products.
Hot Take: Coinbase’s Reinstatement of XRP Boosts Confidence
The court ruling and Coinbase’s decision to relist XRP have given a boost of confidence to both the cryptocurrency and the exchange. This move signifies a potential turning point for XRP and its investors. With Coinbase’s support, XRP may regain its position as a prominent cryptocurrency in the market.
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