XRP has recently been at the center of attention in the cryptocurrency market, especially after Coinbase reinstated trading services for New York users. This strategic move by the leading US-based cryptocurrency exchange has injected new dynamics into XRP’s market behavior. Let’s delve into XRP’s recent price movements and market activity.
Coinbase and the XRP Rollercoaster
This latest development adds another chapter to the rollercoaster relationship between Coinbase and XRP. Initially listed in 2019, XRP was delisted by the exchange in December 2020 following the SEC’s lawsuit against Ripple. A partial court win in favor of Ripple last summer paved the way for Coinbase to relist the token. This on-again, off-again approach by a major exchange highlights the ongoing uncertainty surrounding the SEC case, which continues to cast a shadow over XRP’s price potential. At present, XRP is trading at $0.527548.
Trading Volume Surge
The trading volume for XRP in the last 24 hours has escalated dramatically, reaching $1,770,083,105. This represents a notable 95.40% increase, signifying a substantial influx of trading activity. This spike in volume underscores the heightened interest and renewed confidence among traders following Coinbase’s announcement.
Coinbase’s engagement with XRP has had its ups and downs. Initially welcoming XRP in 2019 but excluding New York and UK users, Coinbase later delisted the asset in December 2020 following the SEC’s lawsuit against Ripple. Last summer, after Ripple secured a partial court victory where Judge Torres ruled that programmatic sales on secondary markets did not constitute investment contracts, Coinbase reversed its decision and relisted XRP. This legal development was a significant win for Ripple and, by extension, for XRP holders.
Related article: Price Analysis: DOGE Price Slides After Brief Ethereum Boost
Comparative Market Performance
While XRP has seen a 1.10% price increase over the past week, it lags behind the broader cryptocurrency market, which has experienced a 4.00% rise. Despite this underperformance, XRP holds a strong position with a CoinMarketCap ranking of #7 and a market capitalization of $29,242,237,082. The increase in trading volume hints at the potential for further price action as market participants react to the recent changes.
Conclusion
The recent activities surrounding XRP, including Coinbase’s reinstatement for New York users, have created a buzz in the market. Despite the brief price spike and subsequent retracement, the significant rise in trading volume suggests a bullish sentiment among traders. As XRP continues to navigate market fluctuations, the crypto community will keenly observe its performance, anticipating further developments and potential gains.
