Analyst Bullish On Coinbase Stock On XRP Relisting; Price Target

Crypto News: Thanks to the historic judgment given by Judge Analisa Torres in the Ripple Vs SEC lawsuit, United States based crypto exchange Coinbase is one of the largest beneficiary, on multiple fronts. While the XRP ruling is a huge boost for the crypto market, US based crypto companies are likely set for a new wave of expansion in the months to come. On Thursday, Judge Torres ruled that the sale of XRP on exchanges is not a security, which directly nullifies the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the exchange.

Also Read: BinanceUS Ceases Trading For 9 Crypto Including BTC, ADA, MATIC, SOL, LTC

Meanwhile, analysts foresee a huge rise in demand for Coinbase stock. In bull run environment, the rise in Bitcoin price and the other altcoins directly translates to a jump in crypto stock prices.

Coinbase Stock Price Prediction

With Judge Torres finally delivering the XRP lawsuit Summary Judgment in Ripple’s favor, the global crypto market cap took a 4.52% increase over the last 24 hours. In a latest, John Todaro, an analyst from Needham, maintained the buy stance for Coinbase stock, raising the price target from $70 to $120. On the other side, any positive takeaways from the US Federal Reserve’s upcoming Federal Open Market Committee (FOMC) meeting could further boost the crypto price rally in the weeks to come.

Cameron Winklevoss, the Gemini cofounder, said the ruling effectively meant the SEC does not have jurisdiction over securities.

“The sale of XRP on exchanges is NOT a security. Which means the sales of all cryptos on exchanges are NOT securities and SEC and Gary Gensler have no jurisdiction over them.”

It remains to be seen if the US SEC will chose to appeal against the Judge Torres decision.

Also Read: Will Uptrend Continue for XRP Price? Coinbase, Kraken And Other Exchanges Relist XRP Token

Anvesh reports major crypto updates around regulation, lawsuits and trading trends. Published around 1,000 articles and counting on crypto and web 3.0. He is currently based in Hyderabad, India. Reach out to him at [email protected] or twitter.com/BitcoinReddy

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.