XRP Trading Now Available For New York Users on Coinbase

Coinbase has announced the relisting of XRP for New Yorkers on its official social media accounts, following confirmation from Paul Grewal, Coinbase’s Chief Legal Officer.

Grewal noted that Coinbase has reinstated XRP trading in New York after collaborating with state authorities in response to increasing user requests.

Coinbase suspended XRP trading in January 2021 due to the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Ripple, which classified XRP as an unregistered security.

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However, following a court decision indicating that XRP is not a security, Coinbase and other U.S. exchanges relisted XRP in July. Despite this, trading in New York remained unavailable until the recent update, attributed to the state’s strict cryptocurrency regulations, particularly the ‘BitLicense’ framework.

Notably, despite the federal court ruling, the New York regulator revised its ‘green list’ of permissible assets to exclude XRP. The recent announcement from Coinbase indicates a mutual agreement with New York’s regulatory body, paving the way for the relisting of XRP.

Coinbase’s reactivation of XRP trading for New Yorkers coincided with a 3.15% price spike, with XRP briefly reaching a new daily high of $0.5392. This spike occurred precisely around the time of Coinbase’s announcement. Last July, XRP soared by over 100% in 24 hours when exchanges like Gemini, Kraken, and Binance.US relisted it after the lawsuit victory.

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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.