XRP Soars as Coinbase Hints at Re-listing if Ripple Wins Lawsuit

• Coinbase Chief Legal Officer Paul Grewal hinted that the exchange might relist XRP if Ripple wins the ongoing lawsuit against SEC.
• Whales started to amass XRP anticipating a favorable verdict and the verdict is speculated to come in the first half of 2023.
• New York State Attorney General Letitia James recently filed a lawsuit against crypto exchange Kucoin for issuing tokens that fit the definition of securities, including Ethereum (ETH).

Coinbase May Relist XRP if Ripple Wins Lawsuit

Coinbase, the largest U.S.-based cryptocurrency exchange, may have given the XRP community one of the biggest reasons to cheer. In an interview with Thinking Crypto host Tony Edward, Coinbase’s Chief Legal Officer (CLO) Paul Grewal hinted that the exchange might relist XRP if Ripple wins their ongoing lawsuit against SEC. Whales started to amass XRP anticipating a favorable verdict from this two-year long legal battle, which could potentially have significant implications for the wider cryptocurrency market.

Ripple’s Chances

The verdict is speculated to come in sometime during the first half of 2023 and Ripple CEO Brad Garlinghouse expressed confidence in his company’s chances. Meanwhile, whales have been accumulating XRP tokens at a discounted rate as shown by falling transaction volume in profit and a negative 30-day MVRV Ratio.

Lawsuit Filed by SEC

It all began when US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs claiming that their token was an unregistered security back in December 2020. This led Coinbase to delist XRP from its platform shortly afterwards due to regulatory uncertainty surrounding it.

Lawsuit Against Kucoin

New York State Attorney General Letitia James also recently filed a lawsuit against crypto exchange Kucoin for issuing tokens that fit the definition of securities, including Ethereum (ETH). The outcome of this case could further clarify US laws on cryptocurrencies as commodities or securities and possibly affect future rulings related to them as well.

Future Implications

The results of these cases will be crucial in determining how cryptocurrencies are classified and regulated going forward which could open up new opportunities for investors or alternatively create stricter regulations making it harder for companies like Ripple or individuals investing into digital assets within US jurisdiction.