Coinbase to Relist XRP, XRP up 77% as it Reclaims $0.82

Coinbase has finally decided to relist XRP following the landmark ruling from Judge Torres on the Ripple case which stated that XRP is not a security.

In a major development for the market, Coinbase, one of the leading cryptocurrency exchanges, has announced its decision to relist XRP (XRP) on its platform. 

This decision comes after Judge Analisa Torres ruled that XRP is not a security in the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The news has already had a significant impact on the price of XRP, which surged by a staggering 77%, reaching $0.8.

Coinbase took to Twitter to make the much-anticipated announcement, stating, “Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset over other networks or your funds may be lost.” 

Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset remain available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets 🛡️ (@CoinbaseAssets) July 13, 2023

The exchange also clarified that transfers for XRP will only be available on Coinbase within jurisdictions where trading is supported. Trading for XRP is expected to commence later today, subject to the fulfillment of liquidity conditions.

To ensure a smooth transition, Coinbase plans to launch trading for XRP in phases. Once a sufficient supply of the asset is established, trading pairs including XRP/USD, XRP/USDT, and XRP/EUR will be made available. However, it is important to note that support for XRP may face restrictions in some regions.

Coinbase’s decision to relist XRP comes after it delisted the cryptocurrency in response to the SEC’s charges that the asset is an unregistered security. The ruling by Judge Analisa Torres has provided a legal clarity that XRP itself is not a security, leading Coinbase to reverse its previous stance.

The market has responded positively to Coinbase’s announcement, with XRP witnessing a remarkable price surge of 77% within hours of the news. The cryptocurrency has managed to reclaim the $0.82 price level, its highest point since April 2022.

XRP Trading to Start Soon

Following the favorable reception of the initial announcement, Coinbase further disclosed that listing will come sooner. According to the exchange, it will re-enable XRP trading on or after 13:45 (PT) or 20:45 (UTC) today, assuming liquidity conditions are met. 

Update: Trading is now expected to begin in ~45 minutes, on or after 1:45 PT today, if liquidity conditions are met.

Follow along the launch of trading at @CoinbaseExch https://t.co/wXubAljkS3

— Coinbase Assets 🛡️ (@CoinbaseAssets) July 13, 2023

Paul Grewal, Coinbase’s Chief Legal Officer, emphasized that the exchange has evaluated the ruling from Judge Torres and decided that it is time to relist the asset. 

Recall that Grewal noted in March that Coinbase would still need to assess the legal conditions surrounding the ruling before relisting XRP even if the asset gains victory in the lawsuit. Gemini, another crypto exchange that delisted XRP, also revealed that it is exploring relisting the asset.