Coinbase Global Inc. (NASDAQ:COIN) moved ahead Friday. Shares of Coinbase are coming off a strong rally a day earlier thanks to a ruling in a case concerning the cryptocurrency XRP. A judge in New York’s Southern District said that the token may not classify as a security.
"Coinbase will re-enable trading for XRP (XRP) on the XRP network. Do not send this asset over other networks or your funds may be lost. Transfers for this asset remain available on @Coinbase & @CoinbaseExch in the regions where trading is supported," it said in a Twitter post.
Trading is expected to start later on Thursday, Coinbase said in a follow-up tweet, should liquidity conditions be met. "Once sufficient supply of this asset is established trading on our XRP-USD, XRP-USDT and XRP-EUR trading pairs will launch in phases. Support for XRP may be restricted in some supported jurisdictions."
In January 2021, the company suspended trading in XRP, in light of the Securities and Exchange Commission's recent suit against Ripple. But the judge's decision Thursday gave hope to crypto investors that other altcoins may not be considered securities.
"With clarity from Ripple's case, there is increasing probability that resolution of Coinbase's case could come earlier than expected," Oppenheimer wrote in a note.
COIN shares took on $2.21, or 2.1%, to $109.22.
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