Analyst Bullish On Coinbase Stock Over XRP Relisting, Here’s Price Target

Anvesh Reddy
July 14, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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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.

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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

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.