Coinbase stock surges more than 24% following XRP court ruling

Quick Take

  • COIN traded above $100 for the first time since May 2022. 

Coinbase shares traded sharply higher on Thursday, breaching $100 per share for the first time in over a year after a U.S. federal court delivered a ruling on the Securities and Exchange Commission's lawsuit against fintech firm Ripple Labs.

A mixed decision from the Southern District Court of New York indicated that secondary sales in XRP tokens did not constitute the sale of unregistered securities.

While the future of the case — which could now go to trial or be appealed — is not clear, Coinbase said that it will relist XRP. Shares in the exchange surged 24.5% to $107, according to TradingView.

XRP also had a banner day, rising as much as 80%.

Source: TradingView

Thursday's gains add to Coinbase's 2023 rally, which was super charged by BlackRock's filing for a spot bitcoin exchange-traded fund on June 15. The exchange's stock, which has risen 193% so far this year, has been further bolstered by headlines that it would serve as the market surveillance partner for a number of exchanges in the race to launch such a product. 

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