Coinbase stock surges more than 24% following XRP court ruling

Companies • July 13, 2023, 4:29PM EDT

Published 1 minute earlier on

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%.

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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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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].