The top U.S. crypto exchange had previously suspended XRP trading in 2021.
Coinbase has reinstated Ripple (XRP) trading in the state of New York, reversing the company’s earlier suspension of the token in January 2021 as the project navigated legal challenges from the Securities and Exchange Commission (SEC).
Paul Grewal, Coinbase’s Chief Legal Officer, expressed the company’s commitment to addressing trader demand and working closely with state regulators to enable the relaunch.
The resumption of XRP trading in New York is a win for Ripple in its ongoing legal battle with the SEC. The lawsuit, which has spanned several years, centers around the classification of XRP as a security and its implications for the broader crypto market.
XRP briefly rallied 2% on the news before turning negative on the day. It’s been relatively stable in the $0.50 to $0.60 range for the past year, underperforming Bitcoin and Ether.
