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- The XRP price is pumping due to the rumor about a possible relisting on Coinbase.
- Since bottoming out at $0.17 in late December, the XRP price has nearly quadrupled.
Possibly in a “buy the rumor, sell the news” moment, the XRP price is currently seeing an increase of over 12% within the past 24 hours. As of press time, XRP was trading at $0.65. Possible cause for the pump could be a discovery by XRP community member named “Krish xrp”.
He reported a few hours ago that Coinbase, the largest and most popular U.S. crypto exchange “has started working on #RelistXRP on the backend.” As supposed proof of this, “Krish xrp” cites several lines of code from the Coinbase Pro API.
The XRP community member’s tweet is currently going viral on Twitter and has been widely quoted as well as retweeted, giving the community a reason to get excited. Thus, the hashtag “#RelistXRP”, which has become popular in recent weeks, is trending again in the United States. The hashtag emerged about two weeks ago to motivate crypto exchanges to re-list XRP.
The discovery of “Krish xrp” could therefore boost the hopes of XRP holders and speculators who expect a “Coinbase effect” – a steep rise in the XRP price – once the XRP relisting is announced. But whether this is really “proof” remains to be seen. In any case, the rumor seems to be an important driver for the current XRP price rally.
Remarkably, with a price of $0.65, XRP is now trading well above the level before the SEC lawsuit was filed on December 22. Last but not least, the XRP price has almost quadrupled since its low of $0.17, after the SEC lawsuit was filed. This is despite the fact that numerous exchanges, such as Coinbase, Binance.US, Crypto.com, and eToro, as well as funds, such as Grayscale, Galaxy Digital, Jump Trading, and Bitwise, have stopped trading for US customers.
Moreover, the outcome of the lawsuit and a possible defeat still hovers over Ripple and XRP like a sword of Damocles. However, there have been positive signals and revelations over the past few weeks, suggesting that Ripple has a good chance of XRP not being classified as a security in the US in its current state.
In addition to the hope for new talks with the SEC under the new leadership of Gary Gensler about a settlement, the intervention of attorney John E. Deaton on behalf of over 10,500 XRP holders may have nudged the door open for a partial settlement, as analyzed by Jeremy Hogan. The intervention could thwart the SEC’s two-pronged strategy, which has yet to determine whether it is only concerned with past XRP sales or XRP’s status as a security per se.
