XRP Gears Up for Major Rally to $1 as Coinbase Resumes Trading in New York

• Coinbase has re-listed XRP trading after a nine-month ban following collaborative efforts with the New York Department of Financial Services.
• This major development comes amid a huge legal battle with the SEC.

Coinbase’s chief legal officer, Paul Grewal, has announced that customers in the state of New York can once again trade XRP tokens on Binance after a nine-month ban. This development comes after a lengthy moment of work by the New York Department of Financial Services (NYDFS) to ensure compliance and regulatory approval.

“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.” Paul Grewal stated. This is a huge milestone for both XRP and Coinbase enthusiasts. 

XRP trading on @coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up.

— paulgrewal.eth (@iampaulgrewal) May 23, 2024

In 2021 Ripple faced a terrible ordeal when crypto exchanges including Coinbase, Bittrex, and Binance.US, delisted it. This happened after the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple accusing the firm of of selling unregistered securities. This measure brought about disruption and uncertainty in the market.

However, the nature of the ordeal changed in 2023 when Judge Analisa Torres ruled in favor of XRP settling that XRP did not constitute securities sales.  This ruling was a pivotal occasion as it led to many crypto exchanges revoking their earlier decisions and re-enlisting XRP. 

Among the first to hit the news headlines as they re-enlisted, XRP was Coinbase. This gesture was a beacon of light to XRP investors who had been waiting for a return to broader market acceptance.

Despite the ruling in favor of Ripple, XRP continued to face regulatory face-downs in different jurisdictions. One remarkable hindrance is that of the NYDFS.

Judge Torres’ ruling did not deter the NYDFS, as on September 2023 the New York Regulators ripped off Ripple right as one of the custody customer assets. This beckoned Coinbase to suspend trading of XRP for New York netizens. 

With cryptocurrency undergoing different and complex regulatory landscapes, that of New York proved to be more rigid. Investments seeking to act as custodians for customer funds within its jurisdiction. This technique is important to New York as it makes sure that its citizens’ standards of security and compliance. 

This announcement reflects the combined effort between state regulators and crypto exchanges. Additionally, it also reflects on how far crypt exchanges are willing to go in order to stay versatile with state regulators. 

Paul Grewal’s announcement has led to XRP’s price experiencing an upward movement from $0.51 to nearly $0.53. Since XRP hit a high of  $0.74 in March 2024, this token has seen moments of upward movement. The question at hand is, will XRP manage to maneuver its way up to the targeted 1$? 

At the time of writing, XRP was trading at $0.5285, down 0.62% from the previous day, with a 32% drop in 24-hour trading volume to $1.12 billion.

This re-opening acts as a significant step for Ripple as it undergoes its ongoing legal battle with the SEC.