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XRP Spikes After Brief “Return” On Coinbase
Delisted crypto asset XRP had recently made a brief reappearance on Coinbase Pro, which led to its price jump 14% in only a matter of minutes.
US-based Coinbase removed the ability to trade XRP on its platform as soon after the U.S. Securities and Exchange Commission (SEC) launched its lawsuit against Ripple. The SEC claims Ripple sold XRP as an unregistered security for years.
According to Coinbase, XRPs appearance was caused by a glitch in the system. After the reappearance on its professional trading platform, the token was quickly removed.
The Nasdaq-traded exchange stressed that no trading occurred.
As previously announced, Coinbase has suspended trading in XRP. Due to a technical issue, XRP was temporarily viewable on the Coinbase Pro mobile app for some customers but was not tradeable.
— Coinbase Pro (@CoinbasePro) September 10, 2021
XRP’s short moment of “relisting”, did have Jeremy Hogan, who covers the Ripple lawsuit on his Twitter page, share the following to his followers. Considering a possible SEC lawsuit over Coinbase’s Lend program, he jokingly asserts the exchange might as well bring back XRP:
A nifty little litigation fact: It’s only costs about 10-20% more to defend two causes of action as compared to one. Meaning, if you’re going to be sued by the SEC anyways, might as well #RelistXRP, and risk taking on two lawsuits instead of just one!
— Jeremy Hogan (@attorneyjeremy1) September 10, 2021
So was it really a glitch? Time will tell. Despite the brief spike to $1.24, XRP’s price is down to $1.07 at time of writing.
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Author: Peter Siu