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As we finish 2018, cryptographic merchants endured a nearly 12-month wait for Coinbase to decide whether to list XRP or not. Around January 4 of this year, the price of XRP rose to $ 3.84 due to the anticipation of crypto dealers that the digital asset would be added to Coinbase . However, this did not happen and the digital assets fell by almost 25% the following day, after the representatives of the exchange dispelled the rumors that the inclusion of the RPP was in their plans.
Pending legal cases The claim of XRP is a security
Around the same time period, the Ripple team was notified with lawsuits according to which the digital resource was an unauthorized security. One of the cases – which is a well-established cause of collective action – was transferred to the Federal Court at the request of the Ripple lawyers. Ripple's lawyers demanded that the case be transferred to the federal court because some of the plaintiffs were residing in other states besides California, where it was presented for the first time.
Many crypto-enthusiasts believe that XRP is not a security
It is because of the aforementioned lawsuit in the federal court that many Encrypted Enthusiasts believe that the Coinbase team is waiting for the result to decide whether or not to list the digital resource. However, many have concluded that it is not a security. Binance's CEO Changpeng Zhao also shared his opinion on Twitter that XRP was not a security. The exact words of CZ were the following:
The judicial process could take years. But if the XRP is considered as a security, it will severely damage many US users and, to a certain extent, other users around the world. Certainly it does not seem to me a certainty, but this is only a person's opinion.
The complete tweet can be found below.
The judicial process could take years. But if the XRP is considered as a security, it will severely damage many US users and, to a certain extent, other users around the world. Certainly it does not seem to me a certainty, but this is only a person's opinion.
– CZ Binance (@cz_binance) December 12, 2018
Coinbase needs XRP now more than ever
It is no secret that the crypto-bear market is hurting not only individual traders and investors, but also ICOs and cryptocurrency exchanges. The trading volume of Coinbase decreased by 80% from the last Bull Run in December 2017 and January 2018. This is according to a report of August 2018 of diar.
This brings us to the first reason because Coinbase needs XRP now more than ever. The listing of the digital asset would attract users to the platform that are XRP owners and fans. HODLers of digital heritage have been very enthusiastic about the vision of fast, efficient and economic transactions made possible by the XRP ledger. Listing XRP on the platform would stimulate an already enthusiastic community to create new accounts on the platform.
secondly, with the new users and the increase in the volume of trade determined by XRP, the exchange is certainly to get revenue from trading commissions. From a business standpoint, no manager who manages a company detests the profits generated by new customer activities. The listing of XRP would bring more traders to automatically increase revenue.
Thirdly, the aforementioned hodlers and enthusiasts of XRP are now convinced that Coinbase has lost its credibility by listing the ERC20 tokens related to projects that many consider unworthy of the exchange. Listing XRP could be the move that will increase the reputation of the exchange in the eyes of many traders. In the business and finance world, reputation is the key.
The XRP @ C3_Nik enthusiast turned to Twitter to express his opinion on the recent announcement by the exchange that now supported withdrawals on PayPal.
I do not see the next surprising announcement coming up @coinbase
Now supports PayPal (withdrawals only) and Watchlists. 🙃
Today it will be fantastic. In some ways they will overcome this madness. I'm still cheering for the addition of Chocolatecoin. 😯#satire
– C3 | Nik (@ C3_Nik) December 15, 2018
Conclusion
With time and since the bear market continues to cause losses to cryptographic exchanges, the tables could be turned to Coinbase in the sense that it may require XRP now more than ever. The list of XRPs could just be the spark needed to trigger an influx of new accounts on the platform and increase the volume of trade in the current bear market. There is also the fact that the reputation of the exchange could also be on the line as many traders have migrated elsewhere. This is due to the delay of the replacement to list other important digital resources such as Stellar (XLM) and Cardano (ADA).
What are your thoughts on Coinbase that refers to the XRP list from January? Do you think the exchange needs XRP now more than ever? Let us know in the comments section below.
Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.
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