Coinbase resumes XRP trading in New York

As a researcher with extensive experience in the digital asset industry, I’m thrilled to see that Coinbase has resumed XRP trading in New York following a long suspension due to regulatory uncertainties surrounding Ripple and its native asset. It’s noteworthy that Coinbase worked closely with state authorities to make this happen, as evidenced by Paul Grewal’s announcement on Twitter.

Following a halt in 2021, Coinbase has once again enabled XRP trading for customers based in New York on its cryptocurrency platform.

Paul Grewal, the chief legal officer of Coinbase, declared on X that XRP can be traded on our platform in the specified state starting from X. He communicated this news to the public on a Thursday, expressing, “We’ve listened to your feedback and have collaborated closely with the relevant authorities to make this possible.”

Coinbase had suspended XRP trading in January 2021 following the SEC’s lawsuit against the company.

XRP trading on Coinbase is once again accessible in New York. We’ve listened to your feedback and collaborated closely with the state authorities to make this happen. The wait is over, and we’re thrilled to announce that RIPple transactions are now live on our platform.— paulgrewal.eth (@iampaulgrewal) May 23, 2024

As a seasoned analyst studying the digital asset sector in the United States, I’ve observed that regulatory clarity has been elusive for some time. Notably, the Securities and Exchange Commission (SEC) has taken a proactive approach to shaping regulations by enforcing existing rules.

One of the prominent companies entangled in this strategy is Ripple. This leading cross-border payment company has been embroiled in a lengthy legal dispute with a government body. Nevertheless, there’s a silver lining: A resolution may be imminent, and to add to the positivity, its native asset has recently secured a significant listing.

I’ve noticed an intriguing trend in XRP‘s price movement: a significant spike occurred following Grewal’s announcement, only to be followed by a correction and a drop down to nearly $0.53. As of now, according to CoinMarketCap, XRP’s value has decreased by 1.3%. However, the trading volume has experienced a substantial increase, reaching over $1.7 billion in the past 24 hours – an impressive jump of 31%.

Coinbase resumes XRP trading in New York

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2024-05-23 20:06