XRP holders received positive news Thursday after Coin Metrics, a leading provider of crypto market data and analysis, announced the cryptocurrency’s reinstatement in its influential CMBI 10 Index. This decision comes after a comprehensive review to ensure XRP meets the index’s established investability criteria.
XRP’s Return to the CMBI 10 Index
The CMBI 10 Index is a valuable tool for investors seeking to understand the performance of a diversified basket of large-cap cryptocurrencies. The index is weighted by market capitalization and designed to reflect the potential returns of an investment spread across the top 10 cryptocurrencies, with XRP being one of them.
Coin Metrics incorporates price data from reputable global exchanges that adhere to its selection criteria when constructing the CMBI 10.
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Reason for Previous Removal and Legal Battle
In 2021, concerns regarding XRP’s investability led to its removal from the CMBI 10 Index. This decision stemmed from the ongoing lawsuit filed by the SEC against Ripple Labs. The lawsuit cast a shadow over XRP’s regulatory standing, prompting several major US exchanges, including Bitstamp, Coinbase, Binance.US, and Bittrex, to suspend XRP trading.
Coin Metrics highlighted that these exchange delistings significantly limited the accessibility of XRP for US investors, thereby impacting the overall investability of the cryptocurrency within the context of the CMBI multi-asset products.
Shifting Regulatory Landscape and Relisting Decisions
A significant turning point came in July 2023 when a court ruling determined that XRP sales conducted by Ripple did not constitute securities offerings. This legal victory paved the way for US exchanges to relist XRP, and Coinbase resumed trading in the following months.
However, Coin Metrics’ decision to reinstate XRP in the CMBI 10 Index comes ten months after the lawsuit victory, despite the resumption of XRP trading on US platforms. This delay can be compared to the actions of Grayscale Investments, a prominent digital asset manager.
Grayscale had initially delisted XRP from its GDLC product following the initial wave of exchange delistings in the US. However, the leading crypto asset manager acted more swiftly, relisting XRP in its product suite in January 2024.
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Read Also: Return of XRP Digital Large Fund: Next Grayscale Likely Grand Move after Victory Against SEC
Positive Developments for XRP
The reinstatement of XRP in the CMBI 10 Index coincides with another positive development for the cryptocurrency. Earlier this week, Coinbase announced that XRP trading is now available to its customers based in New York. This follows a period of stricter regulations for cryptocurrency businesses in the state.
These developments suggest a potentially improving regulatory environment for XRP, which is a positive development for investors. The inclusion may also enhance XRP’s visibility and credibility within the broader cryptocurrency market.
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