‘Relist XRP’ Trends Again As Coinbase Changes Risk Disclosure, Rally Imminent?
February 23 2023 - 4:35AM
NEWSBTC
Coinbase has stealthily changed its risk warning, once again
fueling rumors that XRP will soon be back to trading on the largest
U.S. crypto exchange. The modification comes amid the release of
its earnings report on Tuesday and at a time when the crypto
industry is dealing with harsh regulatory pressure. Axios first
reported on the change in Coinbase’s risk disclosures. The news
outlet found the surprise buried in the crypto exchange’s annual
filing, and it signals that Coinbase is ready for a fight against
the overreaching U.S. Securities and Exchange Commission (SEC). A
newly added line in the risk warnings states that the exchange will
only delist cryptocurrencies deemed securities by the SEC if a
court ruling supports the regulator’s request: We may determine not
to remove a particular crypto asset from Coinbase Spot Market even
if the SEC or another regulator alleges that the crypto asset is a
security. In addition, Coinbase said Tuesday that it won’t delist
anything “pending a final judicial determination as to that crypto
asset’s proper characterization.” Just recently, Coinbase CEO Brian
Armstrong wrote on Twitter that the exchanges’ “staking services
are not securities. We will happily defend this in court if
needed,” showing the exchanges new willingness to fight the US
regulator. Will Coinbase Skyrocket XRP Price With A Re-Listing? The
change in the risk warning theoretically opens the door very wide
to the decision to relist XRP on Coinbase. After all, Coinbase
suspended XRP in January 2021 in light of the SEC’s lawsuit against
Ripple Labs – without a court decision. Related Reading: XRP Whale
Moves $19.7 Million Away From Binance, Bullish Sign? The move
sparked a great deal of disappointment within the XRP community, as
the exchange already conducted extensive analysis and consulted
with the SEC before listing any asset at that time. Although XRP
had already dropped 60% after the SEC complaint on December 22,
2020, the price dropped another 30% the following week after
Coinbase’s delisting. This shows the massive impact of
Coinbase on the price of a crypto asset. In the case of a listing,
the price jump is also called the “Coinbase effect”, and this is
exactly what the XRP community is hoping for now. Related Reading:
XRP Price Prediction: Ripple Lacks Momentum But Holders Are Safe,
Here’s Why Taking a look at the chart of XRP, the price has yet to
show any significant reaction to the news from Coinbase and the
reignited rumors of a re-listing. At press time, XRP was trading at
$0.3970. With this, the price is still in its range between $0.32
and $0.42 in the 1-day chart, which the price fell into in early
November. Since then, the price has been trapped in this range. In
the 1-hour chart, XRP must first break through resistance at
$0.4016 to attempt a new run for a breakout out of the range. The
200-day EMA is currently at $0.4125 and should also act as
resistance in the process. Featured image from iStock, Chart from
TradingView.com
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