Coinbase resumes XRP trading in New York

On May 23, 2024

Cryptocurrency exchange Coinbase has resumed XRP trading in the state of New York again following a 2021 suspension.

Paul Grewal, Coinbase’s chief legal officer, announced on X that XRP is now available to trade in the state. “We heard you and put in the work in strong partnerships with the state,” Grewal informed the community on Thursday.

Coinbase had suspended XRP trading in January 2021 following the SEC’s lawsuit against the company.

XRP trading on @coinbase is available again in NY. We heard you and put in the work in strong partnership with the State. And now the word can be put out— we are back up.
— paulgrewal.eth (@iampaulgrewal) May 23, 2024

Over the past several years, the digital asset industry in the U.S. has faced unclear regulations. Additionally, the U.S. Securities and Exchange Commission (SEC) has habitually established regulations through enforcement.

One of the most notable companies affected by this tactic was Ripple. The cross-border payment tycoon has been engrossed in a years-long legal conflict with the government agency. However, things are looking up. An impending conclusion has just been met with an important new listing for its native asset.

XRP spiked around the time of Grewal’s announcement but has since corrected and dropped back down to just under $0.53. According to CoinMarketCap, XRP’s price is currently down 1.3%, although its trading volume is up 31%, with over $1.7 billion in volume in the past 24 hours.