Coinbase’s chief legal officer, Paul Grewal, announced on May 23 that, users in New York could once again trade XRP on the cryptocurrency exchange on coinbase.com and the Coinbase applications following a nine-month break.
Grewal wrote about this statement on X, which indicated a significant turning point for supporters of XRP and Coinbase as well as a return to trading accessibility for one of the most well-known digital assets on the market.
After the SEC’s 2020 lawsuit against Ripple for selling unregistered securities, XRP faced delistings from Coinbase, Bittrex, Binance.US, and scrutiny from exchanges and agencies.
Following Judge Analisa Torres’ 2023 ruling that secondary sales of XRP did not qualify as securities sales, these same exchanges changed their strategy and relisted the digital asset.
Coinbase made headlines by relisting XRP, exciting investors eager for its return on major exchanges. Despite a favorable court ruling and relisting on U.S. platforms, XRP faced ongoing regulatory challenges, particularly in Japan and New York.
In September 2023, the New York Department of Financial Services (NYDFS) removed Ripple Labs from its “Greenlist,” leading Coinbase to suspend XRP trading for New York residents. Crypto firms must obtain individual approval from NYDFS to act as custodians in the state.
Following the news, XRP’s price surged over 3% in less than an hour, reaching a 24-hour high of $0.5392, moving from $0.51 to over $0.53. At the time of writing, the price of XRP is $0.5192, as per CoinMarketcap. Despite this, XRP’s price has steadily declined since its recent high of $0.74 on March 12, 2024.
