Coinbase Stock Down 14% As ‘relistXRP’ Trends on Twitter

Lavina Daryanani
Source: Bitcoinsensus

Members of the XRP Army have been in their efforts to get Coinbase list back Ripple’s native cryptocurrency. At press time on Friday, #relistXRP was trending on Twitter.

Source: Twitter

People from the space have outrightly started asking the exchange’s CEO Brian Armstrong to do so. A particular user recently tweeted that Armstrong “let down” the XRP community big time and then questioned the executive when the asset will be listed back.

Also Read – Ripple: Is The ‘Relist XRP’ Campaign Regaining Steam?

Recently, Armstrong affirmed to the community that the company will “keep fighting” for economic freedom. He also assured to protect customers from government overreach. A particular user asked the executive if that was a joke and further questioned, “Where was this stance when the SEC sued Ripple?” The user then asked Armstrong to re-list XRP to be taken seriously.

However, it should be noted that Coinbase came forward to file a ‘friend of the court’ brief supporting Ripple in its ongoing lawsuit against the SEC in November last year. Coinbase argued that the SEC had been inconsistent about its enforcement approach, which created “uncertainty” for other companies in the sector.

Read More – Ripple lawsuit: Coinbase gets go-ahead to file support brief

Meanwhile, another user tweeted,

The XRP re-list legacy

Right after the SEC thrusted its lawsuit against Ripple Labs and its executives in December 2020, a host of cryptocurrency exchanges suspended XRP from their platforms. They did so because there was no clarity if the asset was an illegal security or not.

As highlighted in a recent article, demand for the asset started growing as and when positive developments pertaining to the case took place. Resultantly, platforms like Phemex, DeCurret, and Lykke started re-listing XRP. Around the same time, the “Relist XRP” hashtag started trending in The US and Netherlands.

Nevertheless, in Q4 last year, Coinbase announced that it will no longer support the token. The said move came as a shock to users because the platform cited “low usage” as its reasoning.

However, after Coinbase recently pocketed a win in a lawsuit that claimed that it sold tokens illegally, people started advocating an XRP re-listing. In fact, the latest trend on Twitter re-affirms that the spirit is still high.

Amid the re-listing trend, it should be noted that Coinbase’s stock lost 14% of its value in a single day. After depreciating by $9.81, it closed at $59.63 on Thursday.

Also Read: Coinbase Exchange ‘Survives’ Class Action Lawsuit

Source: Google Finance