Bitcoin, XRP Price Receive Boost Following This Coinbase Announcement

The Bitcoin and XRP price are showing some green on low-timeframes as certain narratives around the crypto space gain momentum. The cryptocurrencies stayed about two critical levels and could be poised to extend the trend in the coming days.

As of this writing, the XRP price trades at $0.50 with a 1% profit in the last 24 hours. In the meantime, Bitcoin recorded a 2.4% profit over a similar period, but the number one cryptocurrency by market cap could underperform XRP and other altcoins.

Crypto exchange Coinbase recently announced the launch of a derivatives platform for its international clients. The US company has been trying to increase its presence overseas as the Securities and Exchange Commission (SEC) tightens regulatory conditions in the country.

In that sense, the crypto trading venue launched an international arm to grow revenue as spot trading volumes decline with the crypto market. Today, the exchange is confirmed to have secured a license with the Bermuda Monetary Authority (BMA) to allow institutions to trade perpetual futures outside the US.

The company said in an official statement:

Today, we are excited to announce that Coinbase International Exchange has received additional regulatory approval from the BMA to extend perpetual futures trading to non-US retail customers. In the coming weeks, we will begin to offer eligible customers access to regulated perpetual futures contracts on Coinbase Advanced.

This announcement could onboard more traders to the crypto ecosystem to benefit Bitcoin, the XRP price, and the entire market. XRP has been among the most popular coins in the past few months following a critical legal victory in the US.

While the legal scenario in the US is still uncertain for the nascent sector, analyst Brett Hill believes that XRP is one of the coins that will benefit due to its victory against the SEC. The analyst claims that the “Far West,” the era where everything was allowed, is “virtually over” for the nascent industry.

If this scenario plays out, tokens with legal support will thrive, and XRP and Bitcoin seem the two likely winners in this new era. Just yesterday, SEC Chair Gensler reiterated that Bitcoin is not a security, according to US law, and a court did the same for XRP.

In that sense, the analyst says that the XRP could “take you all by surprise” in the coming 48 hours while adding:

The golden age of cryptocurrency in the far west is virtually over; coming forward, everything will be regulated by white hats.

Cover image from Unsplash, Chart from Tradingview