After a year-long hiatus, Coinbase reopens XRP trading in New York, igniting a frenzy among cryptocurrency enthusiasts
Coinbase Chief Legal Officer Paul Grewal announced on X that XRP is now available for trading in the state. “We heard you and put in the work in strong partnerships with the state,” Grewal informed the community on Thursday.
Amidst a flurry of legal action from the SEC, Coinbase made the bold move to halt all XRP trading in January 2021, sending shockwaves through the cryptocurrency community.
Amidst the rapid growth of the digital asset industry in the U.S., a cloud of uncertainty looms over its regulatory landscape. The elusive guidelines set by the U.S. Securities and Exchange Commission (SEC) have left industry players on edge, with enforcement actions being the primary means of establishing rules.
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The dramatic impact of this strategic move on one of the biggest players in the financial world – Ripple. The powerhouse behind cross-border payments has been embroiled in a fierce legal battle with a government agency for years. But now, a glimmer of hope shines through as an imminent resolution coincides with a major listing of its native asset.
Like a firework exploding in the sky, XRP soared to new heights when Grewal made his announcement. But just as quickly as it rose, it has now settled back down to its steady rhythm, resting just below the $0.53 mark.
Despite a slight dip of 1.3%, XRP continues to make waves with a whopping 31% increase in trading volume, surpassing $1.7 billion in a mere 24 hours according to CoinMarketCap.