The crypto ecosystem is on a major bullish momentum today following the significant win Ripple Labs and XRP have tapped over the United States Securities and Exchange Commission (SEC). To complete the excitement that Judge Analisa Torres fueled when she declared XRP is not an investment contract, Coinbase exchange has announced it will be relisting the digital currency for trading on its platform.
Coinbase, the biggest crypto trading platform in the United States said it “will re-enable trading for XRP (XRP) on the XRP network.”
The trading platform cautioned its customers not to send the cryptocurrency to other networks as their funds may be lost permanently. The exchange said the trading of the digital currency will be enabled, hopefully later today once the liquidity conditions are met.
“Trading is anticipated to begin later today, if liquidity conditions are met. Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT, and XRP-EUR trading pairs will launch in phases. Support for XRP may be restricted in some supported jurisdictions,” the exchange said via its Twitter handle.
Coinbase was one of the first exchanges that delisted the XRP coin when the markets regulator sued Ripple Labs back in December 2020 on the grounds that the asset is an investment contract. There has been a lot of significant backlash and with the clearer stance of the exchange on XRP’s status, it has re-ignited its allegiance to the token.
Coinbase itself has a pending lawsuit against the United States SEC, and by a very large margin, many are optimistic that the XRP win will help it in its own defense against the regulator.
The positive sentiment surrounding XRP has helped ignite a massive rally in the price of the coin which at the time of writing is trading at a price of $0.8186, up by more than 74% over the past 24 hours.
The relisting on Coinbase comes after rival exchange Uphold almost went offline after a massive retail buyup of the XRP coin on the exchange. Overall, the positivity in the XRP market is helping to fuel a revival that has seen Bitcoin (BTC) retest the psychologically important level above $31,000.
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