- Coinbase resumes XRP trading in New York, boosting the digital asset after recent price volatility.
- SEC lawsuit against Ripple for unregistered securities casts shadow, but recent court ruling favors XRP.
- Action aligns with whales’ massive XRP moves and XRP’s notable price changes.
In a move likely to buoy XRP’s price, Coinbase, the large cryptocurrency exchange, has resumed XRP trading for users in New York. The decision comes amid significant price volatility for XRP, which reached a weekly high of $0.5535 on May 21st.
The announcement was made public by Coinbase’s Chief Legal Officer, Paul Grewal, via his social media page. In a brief statement, Mr. Grewal wrote, “XRP trading on Coinbase is now available in New York.”
Also, Whale Alert’s revelation of the massive move of XRP totaling more than 55 million has created a buzz in the community. In two separate X posts, Whale Alert shared insights on the strategic moves of large XRP holders or whales, which in turn saw a slight surge in XRP’s price.
According to Whale Alert, an unknown whale address transferred a massive 30,080,000 XRP tokens, worth 15,634,673, to Bitso. Yet another involved the transfer of 25,800,000 XRP tokens, valued at $13,407,670, to Bitstamp.
This follows a period of uncertainty for XRP, delisted from several exchanges, including Coinbase, in 2020 after the SEC filed a lawsuit against Ripple Labs, the company behind XRP. The SEC alleged that XRP was an unregistered security.
Despite a recent ruling in favor of Ripple, by Judge Sarah Netburn, declaring XRP not to be a security, the final judgment in the case is still pending. The legal battle has undoubtedly contributed to XRP’s price fluctuations. However, the recent surge in trading activity, coupled with Coinbase’s decision to resume trading in New York, suggests a renewed sense of optimism among XRP holders.
As of the press time, the token is trading at $05302, with a slight increase of 0.53% over the last day. In the last week, XRP had a more notable surge of 2.60% despite a monthly decline of 2.91%.
While the long-term impact of Coinbase’s decision remains to be seen, it is a significant development for XRP. The resumption of trading in a major financial hub like New York could provide much-needed stability for the digital asset.
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