Coinbase, the major cryptocurrency exchange, has resumed trading for Ripple (XRP) in New York. The news was shared by Coinbase’s Chief Legal Officer, Paul Grewal, on X (formerly Twitter), marking a significant development for Ripple enthusiasts.
Community-Driven Decision
Grewal emphasized that Coinbase listened to its traders’ demands. “We heard you and put in the work in strong partnerships with the state,” he told the community on Thursday. This move comes after Coinbase suspended XRP trading in January 2021 due to a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Ripple.
Also Read: SEC Challenges Coinbase’s Appeal Strategy in Ongoing Lawsuit
Regulatory Challenges and SEC’s Approach
In recent years, the digital asset industry in the United States has faced ambiguous regulatory guidance. The SEC has frequently resorted to enforcement actions to establish regulations, creating uncertainty in the market. Ripple, a major player in cross-border payments, has been particularly impacted by this strategy, enduring a prolonged legal battle with the SEC.
Positive Outlook Amid Legal Battles
Despite these challenges, there are signs of progress. The legal dispute between Ripple and the SEC is nearing its end, with final filings underway and a concluding judgment expected soon. This resolution is anticipated to have a significant impact on XRP’s value.
Current Market Performance and Potential Impact
In 2024, XRP has struggled to gain significant momentum, hovering around the $0.50 mark. Currently, XRP is trading at $0.52, reflecting a 1.6% increase over the past week. The recent Coinbase listing is expected to boost XRP’s price in the short term.
