Coinbase made a favorable announcement for the XRP community
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Coinbase made a favorable announcement for the XRP community

written by John Murphy | March 19, 2023

Coinbase recently made an announcement that will be favorable for the XRP community. They are going to find an opportunity to celebrate.

Last year Coinbase delisted XRP and some other cryptocurrencies from its exchange. However, there seems to be hope for the XRP community to avail of XRP services on Coinbase once again.

XRP is a token cryptocurrency by Ripple labs. In December 2020 the SEC filed a lawsuit against Ripple claiming they are selling XRP as an unregistered Security. This led to XRP losing ties with many other firms including Coinbase. Thus if Ripple wins the lawsuit there is a high probability that Coinbase may relist XRP.

This is because Paul Grewal the CLO Chief Legal Officer at Coinbase hinted that the exchange might bring back XRP if they win the lawsuit against US Security and exchange commission (SEC). He also stated this in an interview with Tony Edward.

“I am very eager as anyone else to see how the court rules and what I can say, as soon as we have the ruling, we will put in our process to see if we need to revisit our listing decision.”

CLO Paul Grewal

He further added that the decision for relisting XRP back on Coinbase will depend on certain conditions. These may include; Basis for ruling in the lawsuit, the judge’s legal reasoning, and above of all Coinbase’s assessment on whether the decision will be upheld by the appeals court.

The community awaits the verdict

The Ripple vs US SEC lawsuit is expected to end by the mid of this year. The case of calling XRP security is rather controversial. However, the CEO of Ripple Brad Garlinghouse is hopeful that the case result will come out in the favor of XRP.

Whatever the verdict is it could set a future precedent for the entire cryptocurrency market. The laws governing the status of crypto as security are still not authentic. This is why the result of a lawsuit can have a wider impact on cryptocurrencies.

Not only there are certain signs that show the U.S. regulators are now coming against ETH Ethereum. The second largest crypto by market cap after Bitcoin. They are trying to scrutinize the status of cryptocurrencies as security.

The Specific sign would be a recent lawsuit by NYAG New York Attorney General Letitia James against Kucoin. She called out Kucoin for issuing tokens that she thinks are security, and one of those tokens was Ethereum.

Whales started to accumulate XRP

With the anticipation of a favorable decision for Ripple XRP the whales have started to accumulate the XRP in large amounts. As deemed from the increased number of active addresses in the past month.

According to the falling transaction volume in profit, the sellers have been offering XRP at discounted rates. This must have been the reason for whales to accumulate XRP, as lower prices must have attracted them.

In the past 24 hours, the value of XRP went high by 4.55%. Also, some other data has revealed that Short-term holders may gain more profit due to their accumulation of the currency.