Coinbase Reinstates XRP Trading in New York
Coinbase has resumed XRP trading for customers in New York as of May 23, according to the company’s chief legal officer, Paul Grewal. This move comes after a nine-month break. In a short social media announcement, Grewal stated, “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.”
XRP has faced significant challenges since the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs in 2020. The lawsuit alleged that Ripple Labs was selling unregistered securities, which led many centralized exchanges, including Coinbase, Bittrex, and Binance.US, to delist XRP. This situation began to turn around when Judge Analisa Torres ruled in 2023 that secondary sales of XRP did not classify as securities sales. Following the ruling, exchanges like Coinbase resumed trading the asset, much to the excitement of investors and speculators.
Despite the positive court ruling and the relisting of XRP on various U.S. platforms, the digital asset continued to face obstacles in certain areas, particularly in Japan and New York. These regions maintained stringent regulatory requirements, which created ongoing challenges for XRP’s availability and trading.
In September 2023, the New York Department of Financial Services (NYDFS) took Ripple Labs off its “Greenlist” of companies authorized to hold customer assets. This compelled Coinbase to suspend XRP trading for residents of New York. To resume operations, any entity wishing to act as a custodian for customer funds within the state must apply for and receive individual approval from the NYDFS.
The recent announcement by Coinbase regarding the availability of XRP trading in New York seemed to have a positive impact on the digital asset’s price. Initially, XRP’s price saw an upward trend, rising from $0.51 to nearly $0.53. This doesn’t entirely offset the downward pressure XRP has faced in the market over the past few months.
Although the immediate reaction was positive, XRP’s price has been on a declining trend overall. Since reaching a high of $0.74 on March 12, 2024, the asset has struggled to maintain or regain that momentum, reflecting broader market challenges and the uncertain regulatory environment.
The readmission of XRP trading on Coinbase in New York marks an important step for the cryptocurrency, aiming to restore investor confidence and provide a more stable trading environment. Coinbase’s efforts to work closely with state regulators suggest a commitment to overcoming the hurdles that have plagued XRP and the broader cryptocurrency market.
Despite these efforts, the journey for XRP—and indeed for many other digital assets—remains fraught with regulatory scrutiny and market volatility. The ongoing efforts by crypto exchanges and regulatory bodies to find common ground will be crucial in shaping the future landscape of digital asset trading.
22 thoughts on “Coinbase Reinstates XRP Trading in New York”
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Finally! XRP trading is live again in New York! 🗽 Huge thanks to Coinbase and the regulators for making this possible! 🥂🚀
Brilliant news! XRP is back on Coinbase in NY! 🎊 Kudos to everyone involved. Let’s see where this takes us! 📈💯
Sorry, but I don’t trust XRP or Ripple Labs. Too much controversy and legal trouble to be a stable investment.
Resuming XRP trading doesnt magically make it less of a liability. Its still a high-risk token in my book.
Finally, XRP back on Coinbase in NY! The crypto community needed this positive boost. Go XRP!
Elated to hear that XRP is back on Coinbase in NY! Hats off to all the efforts behind this achievement.
XRP back on Coinbase in NY? Yesss! Finally, some good news in the crypto space. Kudos to the team!
Huge step forward for XRP! Very happy to see it trading on Coinbase again in NY. We’ve been waiting for this!
Super excited that XRP trading is back in New York! Big thanks to Coinbase and the regulators for making it possible.
The fact XRPs price only went up by $0.02 says a lot. This is hardly a win for investors.
Incredible news for XRP holders in NY! 🎊 Coinbase and Paul Grewal, you guys rock! 🚀🙌
I think this is a poor decision by Coinbase. 🏴☠️ Regulators will eventually catch up, and XRP will be gone again. 🚫
It’s laughable that people are getting excited over this. This does nothing to address the bigger issues facing XRP and Ripple Labs.
Let’s be real, this is a temporary boost that wont last. XRP has far too many issues to be a good long-term investment.
Fantastic! XRP trading back on Coinbase in NY! 🗽🚀 Let’s keep the positivity rolling! 📈
Amazing to hear that XRP is resuming trading in NY! 🌟 Great job by Coinbase in working with regulators. 🚀
Great job Coinbase and Paul Grewal! XRP trading is back in NY and this is going to rejuvenate the market!
Fantastic development! 🎉 XRP trading on Coinbase for NY residents is back. Thanks to everyone who made it happen. 💪🌟
Big win for the XRP community! 🙏 Congrats to Coinbase for bringing XRP back to NY. Can’t wait to trade again! 💸
This is awesome! XRP is back on Coinbase in NY. 🎉 Big things coming for XRP! 📈🌟
If XRP keeps tanking, people are going to regret buying into this hype. Feels like a trap.
Wonderful news for XRP enthusiasts in NY! Here’s to hoping for more upward trends and stability!