- If Ripple wins the ongoing lawsuit against the SEC, Coinbase may re-list XRP.
- The whales began accumulating XRP in anticipation of a favorable verdict.
Coinbase, the largest US-based cryptocurrency exchange, may have given XRP The community is one of the biggest reasons to be happy.
in one Interview Coinbase Chief Legal Officer (CLO) Paul Grewal along with ThinkingCrypto host Tony Edward hinted that the exchange could re-list XRP if the Ripple vs. SEC from two years ago decides in favor of the first.
“I am very curious as much as anyone else to see how the court rules and what can I say, as soon as we have a decision, we will include it in our process to see if we get our listing decision. But it is necessary. think again
However, the CLO added that the terms for this will depend on the decision, the judge’s legal reasoning, and Coinbase’s assessment of whether or not an appeals court will uphold the decision.
Coinbase announced the delisting of XRP from the exchange in December 2020, shortly after the US Securities and Exchange Commission (SEC) filed a claim against Ripple Labs that the token was a security.
How much they cost 1,10,100 XRP worth today?
Crypto Community Awaits Summary Decision
Notably, the contentious case is inching towards completion, as the verdict is expected in the first half of 2023. Ripple CEO Brad Garlinghouse has previously stated that he is confident in Ripple’s potential.
The decision could have significant implications for the broader cryptocurrency market. The laws governing the status of cryptocurrencies as commodities or securities are still unclear.
There were early signs that US regulators were pointing their guns at the second largest crypto in the ecosystem, after XRP. Ethereum (ETH).
Recently, New York State Attorney General Letitia James filed a rehearsal against crypto exchange KuCoin for issuing tokens that fit the definition of securities. One of the currencies mentioned in the lawsuit was ETH.
the whales spring into action
Meanwhile, the whales have started accumulating XRP in bulk, anticipating a favorable decision. According to Sentiment, the number of addresses containing between 1,000 and 1 million coins has increased significantly over the past month.
realistic or not, here it is XRP Market Cap Relative to BTC
One of the reasons for the accumulation could be that most sellers were offering the token at a discount, as evidenced by falling trading volumes in profits.
The 30-day MVRV ratio moved into negative territory, making the observation more credible. MVRV’s negative long/short divergence highlighted that short-term holders would see higher gains.
Source: Feeling
Also, at the time of writing, XRP is up 4.55% in a 24-hour period, according to coin market cap.
