In a move that has reignited optimism around the long-embattled XRP token, major cryptocurrency exchange Coinbase has announced the relisting of XRP for its customers in New York. The decision comes after a suspension following regulatory issues with the U.S. Securities and Exchange Commission (SEC).
As of press time, XRP is trading at 0.528, a slight 0.09% gain in the last 24 hours, while its market cap stands at 29.2 billion. Impressively, its volume has surged 104% in the same last 24 hours to read $2.3 billion.
Paul Grewal, Coinbase’s Chief Legal Officer, took to social media to share the pivotal update, stating, “XRP trading on Coinbase is available again in NY. We heard you and put in the work in a strong partnership with the State. And now the word can be put out—we are back up.”
The relisting of XRP on Coinbase’s platform for New York traders is expected to provide a significant boost to the digital asset, which has been mired in a legal battle between Ripple Labs, the company behind XRP, and the SEC.
The SEC’s lawsuit against Ripple Labs, filed in December 2020, alleged that the XRP token was an unregistered security used to fund the company’s platform in 2013. The aftermath of the lawsuit led to a sharp decline in XRP’s price and forced major exchanges like Coinbase to delist the token from their U.S. markets, including New York
Now, with Coinbase’s reinstatement of XRP trading for New York customers, investors and traders are anticipating a potential rally in the token’s value, as the move is seen as a renewal of confidence and optimism in the digital asset.
Ripple’s Legal Battle and the Regulatory Landscape
The relisting of XRP on Coinbase comes on the heels of the U.S. House of Representatives’ passage of the FIT21 bill on Wednesday. The bill, which received strong bipartisan support, aims to provide clear rules to guide the operation of the crypto industry in America, potentially paving the way for greater clarity and resolution in the ongoing legal battle between Ripple and the SEC.
Interestingly, Coinbase itself was subject to a lawsuit from the SEC in June, with the regulator claiming that the crypto exchange broke securities laws by allowing unregistered sales of securities to the general public.
As the legal landscape surrounding digital assets continues, the resolution of the Ripple vs. SEC lawsuit could have far-reaching implications for the broader crypto industry. The lawsuit is nearing conclusion as the judge awaits the completion of the briefs. It looks like the lawsuit drama might be wrapping up sooner than we think!
XRP Technical Analysis
XRP’s price movements have been marked by bearish pressure since March when it formed the $0.78 head of a Head and Shoulder pattern. On the daily chart, XRP formed a complete Head and Shoulder pattern, signaling bearish momentum. On April 12th, XRP broke down past the Head and Shoulder pattern neckline, finding support at the $0.43 low
Since then, the price has rallied up to retest the broken head and shoulder neckline, which is now acting as resistance and getting rejected twice. Currently, XRP is consolidating within a range between $0.56 and $0.48.
A break above $0.56 and a close above it would signal a reversal of the current bearish trend and aim at a 38% gain to the recent high of $0.78. Conversely, a break below the $0.48 support level could indicate extended downward pressure toward the $0.44 support level.
As the regulatory landscape surrounding digital assets continues to evolve and the Ripple vs. SEC lawsuit nears its conclusion, the crypto community will be closely watching XRP’s price movements and the broader implications for the industry.
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