In another win for the crypto industry, Coinbase has relisted XRP on its platform for the 20 million residents of New York.
Experts believe that this is a significant development in kickstarting the XRP rally, which never really got going during this bull market.
XRP trading on @coinbase is available again in NY. We heard you and put in the work in a strong partnership with the State. And now the word can be put out— we are back up.
— paulgrewal.eth (@iampaulgrewal) May 23, 2024
However, a few analysts have found the timing of this move by Coinbase to be odd. With the SEC under tremendous pressure from all fronts, is Ripple on the verge of scoring another crucial victory over the Commission?
If so, it could end Ripple’s long-standing battle with the SEC, with the former emerging as decidedly victorious.
What is Behind XRP’s Lackluster Performance?
XRP continues to disappoint investors with its tepid price action, despite Ripple scoring a number of victories against the SEC.
Judge Analisa Torres initially ruled that XRP is not a security in itself, further ruling that Ripple’s programmatic sales did not violate the Securities Act. She then dismissed SEC’s motion for an interlocutory appeal, handing another victory to Ripple.
As it currently stands, XRP may be the only cryptocurrency other than Bitcoin to have regulatory clarity in the US.
And yet, XRP is currently trading merely 15% above its price before the Torres decision was announced.
Take for instance today, the bulls received important good news in the form of Coinbase relisting XRP in New York. Yet, the token is down 2% over the past 24 hours, showing momentary strength before experiencing a significant pullback.
Finally, some good news for $XRP getting added back for NY trading… let's go look at the chart.
— Jacob Canfield (@JacobCanfield) May 23, 2024
….. pic.twitter.com/A0DU6k83fc
Perhaps investors – especially whales and institutional clients – are awaiting more regulatory clarity from the SEC. Coinbase’s decision today has certainly fueled rumors that Ripple could be nearing a decisive victory.
However, the Commission still reserves the right to appeal Judge Torres’s initial ruling, which could drag XRP’s legal battles for another several months.
In such a scenario, investors may have to wait for November. In case former US President Donald Trump wins the upcoming elections, XRP could start its bull rally in the expectation of a more favourable SEC.
Why The Dogeverse Meme Coin Could Be A Better Alternative To XRP?
Investing during a bull market is all about finding the right narratives. While XRP appears to be out of fashion, no asset class is more in demand than meme coins.
Experts have identified a new meme token Dogeverse which they believe could offer up to 100x returns after its launch. Indeed, the meme coin is in strong demand, having already raised over $15 million in its presale.
Dogeverse’s revolutionary multi-chain concept is one of the reasons behind its attractiveness. The meme coin will launch on 6 different blockchains – Ethereum, Solana, Base, Polygon, BNB Smart Chain and Avalanche – hitting the popular DEXs and CEXs of each.
This first-of-its-kind strategy could turn out to be a game-changer. With a high number of investors searching for the next big meme coin, Dogeverse’s multi-chain status could result in maximum visibility and high price potential.
Token holders can also benefit from the best features of each blockchain, such as earning passive income by staking their holdings on Ethereum.
Get ready to blast off with Cosmo! 🚀🌀
— DogeVerse (@The_DogeVerse) May 23, 2024
⏳ #Presale ends on June 3rd at 10 AM UTC!
🌐 Claim launches on June 5th at 10 AM UTC!
This is your LAST CHANCE to join Cosmo on his #Blockchain adventures before the official launch! 🌌
Don’t miss out! The clock is ticking! 📣… pic.twitter.com/QwpzWcm947
However, interested buyers need to hurry as the Dogeverse presale is set to end on June 3rd at 10 AM UTC. The token will launch on exchanges on 5th June at 10 AM UTC, after which presale buyers will also be able to claim their holdings.
