Coinbase shares slump as analysts weigh impact of Ripple court ruling

Exchanges • July 14, 2023, 3:38PM EDT
Published 1 minute earlier on
  The Block

Quick Take

  • COIN traded down by more than 3% after a gangbuster Thursday. 
  • However, financial firms have raised the stock’s price target to over $100 following the Ripple Labs lawsuit decision. 

Coinbase shares declined on Friday after a gangbuster session for the stock the day prior, though financial institutions have increased the stock's overall price target. 

COIN was trading down 3.3% to $103.50 at 3:31 p.m. in New York, according to TradingView.

The firm, which has seen its stock price surge since the beginning of the year, rallied more than 20% on Thursday alongside the broader crypto market after a judge ruled that Ripple Lab's sales of XRP on exchanges did not violate securities laws. 

Relative to bitcoin, the firm's stock has taken off since mid-June. That's been underpinned by headlines of its involvement in the launch of a number of proposed spot bitcoin exchange-traded funds. 

Earlier Friday, shares in the exchange surged above $110. 

Increased price targets

Private investment firm WedBush said in a Thursday report that it increased its price target on the company to $110.

"We are specifically encouraged by the suggestion that XRP sale on the public exchanges did not involve securities," the firm wrote.

The bank Needbush also increased its price target to $120 from $70 following the decision, Coinbase reported.


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