Coinbase Stock Expected to Surge Following XRP Relisting, Analyst Predicts Targets

Estimated read time 2 min read

The recent historic judgment in the Ripple vs. SEC lawsuit has sent ripples of excitement throughout the crypto industry, and one of the biggest winners in this legal battle seems to be the United States-based crypto exchange Coinbase. Thanks to Judge Analisa Torres’ ruling, which declared that the sale of XRP on exchanges is not a security, Coinbase has received a major boost, and the implications extend beyond just the relisting of XRP. 

Coinbase Stock Price Prediction

As the news broke, the global crypto market cap experienced a whopping 4.52% increase in just 24 hours, indicating a renewed sense of confidence and enthusiasm. But it’s not just the overall market that stands to benefit—analysts predict that Coinbase stock is set for a significant surge in demand.

John Todaro, an analyst from Needham, is particularly bullish on Coinbase and maintains a “buy” stance, raising the price target from $70 to an impressive $120. This positive outlook is in line with the broader market trend, where a bullish market environment, driven by rising Bitcoin prices and other altcoins, often translates into increased crypto stock prices.

Moreover, the positive momentum may not stop there. The upcoming Federal Open Market Committee (FOMC) meeting by the US Federal Reserve could potentially contribute to further boosting the crypto price rally in the weeks to come. If any positive takeaways emerge from this crucial meeting, we can expect even more fuel added to the crypto market fire.

Whereas, Cameron Winklevoss, the co-founder of Gemini, also weighed in on the XRP ruling, stating that it effectively means the SEC no longer has jurisdiction over securities when it comes to the sale of XRP on exchanges. This interpretation could have far-reaching implications, potentially challenging the SEC’s authority over other cryptocurrencies sold on exchanges.

The big question now is whether the SEC will choose to appeal Judge Torres’ decision, which could introduce a new twist to the story. However, for the time being, the positive outcome of the XRP lawsuit has injected renewed hope and excitement into the market. Coinbase, in particular, stands to benefit from this ruling, with investors eagerly eyeing the future performance of its stock.

Source: https://coinpedia.org/news/coinbase-stock-expected-to-surge-following-xrp-relisting-analyst-predicts-targets/

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