Coinbase Benefits from Recent Ripple Vs. SEC Verdict
Summary: Coinbase, a US cryptocurrency exchange, has been a beneficiary of Judge Analisa Torres' historic verdict in the Ripple Vs. SEC litigation. Experts predict a meteoric increase in trading volume for Coinbase shares. The price of Coinbase shares has already crossed the $100 mark.
Coinbase, a cryptocurrency exchange located in the United States, is one of the biggest beneficiaries, on numerous fronts, of the historic verdict granted by Judge Analisa Torres in the Ripple Vs. SEC litigation. With the crypto sector receiving a major lift from the XRP verdict, crypto firms operating in the United States are expected to see a fresh wave of growth in the coming months.
Coinbase Shares on Fire
The U.S. Securities and Exchange Commission (SEC) case against the exchange was rendered moot on Thursday when Judge Torres decided that the selling of XRP on exchanges is not a security.
Meanwhile, experts predict a meteoric increase in trading volume for Coinbase shares. The price of Coinbase shares has already crossed the $100 mark. A bull market sees a clear correlation between a rising Bitcoin price and the values of other cryptocurrencies.
The total value of all cryptocurrencies on the market rose by 4.52% in the last 24 hours after Judge Torres granted Ripple’s motion for summary judgment in the XRP litigation. Needham analyst John Todaro recently upped his buy recommendation on Coinbase shares from $70 to $120.
All Eyes on Upcoming FOMC Meeting
Moreover, any good news from the next Federal Open Market Committee (FOMC) meeting of the US Federal Reserve might add fuel to the ongoing crypto price boom over the coming weeks.
Gemini’s founders Cameron Winklevoss interpreted the judgement to suggest that the SEC had no authority over securities. Whether or if the US SEC will choose to appeal against Judge Torres’ judgment is still up in the air.
Handpicked News: Coinbase Announces Relisting of XRP Following Ripple’s Legal Victory