On May 23, 2024, the largest crypto exchange in the USA, Coinbase, resumed support for XRP, a leading cryptocurrency, for New York residents. This allows them to buy and sell XRP on Coinbase.com and the exchange's mobile apps. The announcement was made by Coinbase's legal head on X, highlighting a collaborative effort with the American government to reinstate the crypto token.

Coinbase restored XRP trading for New York customers after receiving regulatory approval. Initially introduced in the USA in 2019, XRP trading was suspended due to a lawsuit against its issuer. Although XRP trading was reinstated by Coinbase in 2021, New York residents couldn't trade until now due to stringent regulations. The New York financial authority had removed XRP from its Greenlist, barring licensed firms from offering XRP services without separate consent. Coinbase also launched a fast payment service using stablecoins, particularly XRP and USDC, to demonstrate the benefits of crypto for international payments.

This move by Coinbase showcases the efficiency and cost-effectiveness of cryptocurrency transactions. XRP and Ripple are thriving in the American market, and Coinbase's decision follows Robinhood's recent introduction of Shiba Inu trading. Reintroducing XRP trading provides more options for New York residents and is significant given the difficulty of obtaining a crypto operating license in the USA.

The relisting of XRP on Coinbase is expected to boost investor confidence and drive a surge in XRP value. Coinbase's decision came after considering customer feedback and despite an ongoing legal battle stemming from the lawsuit that led to the initial delisting of XRP from the American market.

The recent passage of the FIT21 bill by the US House, supported by both parties, coincided with the relisting of XRP on Coinbase. This news is particularly exciting for cryptocurrency investors in New York. Despite regulatory challenges and favorable court rulings, XRP continues to face hurdles. The Bitlicense framework in New York poses additional challenges for crypto companies operating in the city. XRP stands out from other cryptocurrencies as it can be used both for trading and to facilitate transactions on Ripple's platform.