Coinbase Reinstates XRP Trading for New York Users
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<p class="is-style-lead">Coinbase, the cryptocurrency trading platform, has reopened its XRP trade offerings for New Yorkers after previously pausing the service in 2021.</p>
<p>Coinbase's Chief Legal Officer, Paul Grewal, publicized on a specified date that New York residents can now engage in <a target="_blank" href="https://crypto.news/price/xrp/" data-type="link" data-id="https://crypto.news/price/xrp/" rel="noopener noreferrer">XRP</a> transactions. Grewal credited robust collaborations with state regulators as the facilitator in a statement issued on Thursday.</p>
<p>The suspension of <a target="_blank" href="https://crypto.news/coinbase-ripple-raise-billions-selling-xrp/" data-type="link" data-id="https://crypto.news/coinbase-ripple-raise-billions-selling-xrp/" rel="noopener noreferrer">XRP trade</a> occurred in January 2021 in response to legal action taken by the Securities and Exchange Commission (SEC) against Ripple.</p>
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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Trading of XRP has resumed on <a target="_blank" href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw" rel="noopener noreferrer">@coinbase</a> for customers in NY. We appreciate your calls for action and have actively endeavored to work with state authorities to make this possible. The news is out— we're operational once more.</p>— paulgrewal.eth (@iampaulgrewal) <a target="_blank" href="https://twitter.com/iampaulgrewal/status/1793636955550548437?ref_src=twsrc%5Etfw" rel="noopener noreferrer">May 23, 2024</a></blockquote>
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<p>In the States, the cryptocurrency sector has contended with an absence of clear regulatory guidelines. Moreover, the SEC has often seemed to introduce rules on an ad-hoc basis, by way of enforcement actions.</p>
<p>One prominent entity affected by such regulatory measures has been <a target="_blank" href="https://crypto.news/tag/ripple/" data-type="link" data-id="https://crypto.news/tag/ripple/" rel="noopener noreferrer">Ripple</a>, entrenched in a lengthy legal wrangle with the SEC. Now, prospects are improving as Ripple finds its digital asset, XRP, featured on a significant new listing amid expectations for the lawsuit's resolution.</p>
<p>The value of XRP experienced a surge at the time of Grewal's disclosure but shortly after underwent a correction, retreating to just below $0.53. Based on data from <a target="_blank" href="https://coinmarketcap.com/currencies/xrp/" data-type="link" data-id="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer">CoinMarketCap</a>, the price of XRP has declined by 1.3%, despite a 31% increase in trading volume, amounting to over $1.7 billion over the last day.</p>
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