Is XRP making a comeback to Coinbase? Here’s what you need to know

  • Coinbase could list XRP again if Ripple wins the ongoing lawsuit against the SEC.
  • Whales started accumulating XRP in anticipation of a favorable verdict.

Coinbase, the largest US-based cryptocurrency exchange, may have given the XRP community one of the biggest reasons to cheer.

in a (n interview Along with Thinking Crypto host Tony Edward, Coinbase’s Chief Legal Officer (CLO) Paul Grewal hinted that the exchange could list XRP again if the verdict in the two-year lawsuit between Ripple and the SEC is in the former’s favor fails.

“I, like everyone else, am very excited to see how the court decides and what I can say. Once we have the verdict, we will start our process to see if we need to reconsider our listing decision.”

However, the CLO added that the terms of this will depend on the basis of the verdict, the judge’s legal reasoning, and Coinbase’s assessment of whether or not the appellate court will uphold the decision.

Coinbase announced the delisting of XRP from exchanges in December 2020, shortly after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs over claims that the token is a security.

How much is 1,10,100 XRP worth today?

The crypto community awaits summary judgment

Remarkably, the controversial case is nearing its conclusion amid speculation that the verdict will come in the first half of 2023. Ripple CEO Brad Garlinghouse previously said that he believes in Ripple’s opportunities.

The ruling could have significant implications for the broader cryptocurrency market. The laws governing the status of cryptocurrencies as commodities or securities are not yet very clear.

There were early signs that US regulators are turning their guns on the second largest crypto in the ecosystem, Ethereum, after XRP [ETH].

Recently, New York State Attorney General Letitia James filed a lawsuit against crypto exchange Kucoin for issuing tokens that meet the definition of securities. One of the tokens mentioned in the lawsuit was ETH.

Whales in action

Meanwhile, the whales began accumulating XRP in bulk in anticipation of a favorable decision. According to Santiment, the number of addresses with between 1,000 and 1 million coins has increased significantly in the past month.

Source: Santiment

Realistic or not, here is the market cap of XRP in BTC terms

One reason for the accumulation could be that most sellers gave away tokens at a discount, which was reflected in the declining transaction volume in profit.

The 30-day MVRV ratio was in negative territory, adding further credibility to the observation. The negative MVRV long/short differential highlighted that short-term holders will realize higher gains.

Source: Santiment

Additionally, at the time of writing, XRP is up 4.55% in 24 hours, according to CoinMarketCap.

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