Is Coinbase Planning to Relist XRP?

7:11 am, Tue, 26 October 21

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Coinbase is one of the largest cryptocurrency exchanges in the USA. It was founded in 2012 by Brain Armstrong and Fred Ehrsam. Armstrong is the CEO of the crypto exchange and made the headlines after supporting Ripple amid its battle with the SEC.

In December 2020, SEC filed a lawsuit against Ripple and two of its executives. According to allegations, Ripple had made billions of dollars in profit through digital currency securities offering that were unregistered.

Despite this being a serious legal issue, it has not been as damaging for XRP as many suspected. XRP is currently trading at $1.12 (at the time of writing), which is a 2.5% increase since yesterday.

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Armstrong’s Stance Towards XRP and SEC

The leading crypto exchange Coinbase first listed XRP back in 2019. However, the exchange had to suspend the cryptocurrency due to SEC’s lawsuit against Ripple. This also resulted in a massive price drop noted for the crypto asset initially.

Since then the Coinbase exchange has also been at odds with the Securities Executive Commission (SEC) in the United States. Brian Armstrong, CEO of Coinbase, publicly called out SEC after it threatened to sue the exchange for its lending offering, which had not been launched yet.

According to reports, Armstrong made another move against SEC earlier this month. The CEO proposed that SEC should be replaced with another regulator for the digital currencies. Armstrong argued that the laws made in the 1930s are not suitable for the “technological revolution” taking place now.

The Coinbase CEO has also displayed support for Ripple in a series of tweets posted on Twitter. These tweets sparked the rumors that the best crypto exchange USA might be planning to relist XRP.

Armstrong tweeted:

Despite the legal complications with SEC and the initial price drop, XRP has now been doing quite well. The price of the digital currency XRP was noted to increase three times more, instead of plunging since the SEC filed the lawsuit.

Mike Novogratz, a well-known financier, also recently tweeted in favor of the digital asset XRP.

What Should Crypto Investors and Traders Do?

The overall crypto market is doing quite well at the moment. The top two digital currencies, Bitcoin and Ethereum, crossed important price marks but have been experiencing slight price corrections. Despite the ups and downs in their prices, both cryptocurrencies have caught quite the attention of crypto enthusiasts all over the world.

Other altcoins such as Cardano (ADA), Polkadot (DOT) and Ripple (XRP) have also been performing well. However, whether you choose to invest in the flagship crypto asset BTC or any of the altcoins, make sure you choose a platform from the best crypto exchanges in the USA.

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