Coinbase Resumes XRP Trading in Germany Following US Court Declaration of Non-Security Status
In a significant development for the XRP community, Coinbase, the leading US-based cryptocurrency exchange, has announced the resumption of XRP trading for its customers in Germany. This decision comes in the wake of a recent court ruling in the United States, which declared that XRP is not a security. The move by Coinbase marks a reversal of its previous stance, where XRP trading was prohibited due to the ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC).
XRP is now available to Germany residents.
Users can log in to buy, sell, convert, send, receive, or store this asset at https://t.co/Zkd27RVkGW along with the @Coinbase iOS and Android apps. To access trading, users may need to refresh their application.
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) July 14, 2023
Coinbase took to Twitter to inform its users that they can now buy, sell, convert, send, receive, and store XRP on Coinbase.com, as well as through the Coinbase mobile apps for iOS and Android. The availability of XRP on Coinbase in Germany provides greater access and liquidity for XRP investors in the region, signalling renewed confidence in the digital asset after the regulatory clarity offered by the court ruling.
Other Crypto Exchanges Follow Suit, While Skeptics Express Concerns Over XRP’s Future
Following Coinbase’s announcement, several other cryptocurrency exchanges that had previously delisted XRP amid the SEC lawsuit against Ripple also declared their renewed support for the digital asset. These exchanges recognized the court ruling as a pivotal moment that vindicated XRP’s status as a non-security.
However, not everyone shares the same optimism about XRP’s future. Some sceptics have voiced concerns, suggesting that those who choose to invest in XRP following its listing on Coinbase may face potential losses. They argue that market participants who continue to hold XRP are reliant on leveraging fear of missing out (FOMO) to maintain sufficient liquidity for their exit strategies.
Read Also: Ripple’s Victory: XRP Deemed Not a Security, Signifying Regulatory Clarity for the Crypto Industry
Despite the scepticism, the recent court ruling had an immediate positive impact on XRP’s price. On the eve of the announcement, XRP experienced a significant surge, nearly doubling its price within 24 hours. As of now, XRP is trading at $0.7282, exhibiting a cumulative seven-day performance of over 55%.
The resumption of XRP trading on Coinbase and the renewed support from other cryptocurrency exchanges signify a turning point for XRP enthusiasts. The court declaration that XRP is not a security has provided a boost to the digital asset’s market confidence and has opened doors for wider adoption and trading opportunities in previously restricted regions.
Disclaimer: The information provided in this news article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and readers should do their research before making any investment decisions.
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