Coin Metrics, a leading provider of crypto financial intelligence has announced the return of XRP to the CMBI10 Index.
Satisfying Coin Metric’s Requirements
Coin Metrics highlights in an official statement that the decision follows a detailed review with XRP satisfying every investibility requirement listed in its CMBI Multi-Asset Methodology. Accordingly, XRP will be reintroduced in the CMBI10 Index, effective from its June index review.
Coin Metrics added that XRP’s reintroduction to the CMBI10 Index demonstrates its commitment to accurately representing the crypto markets. The CMBI 10 measures the performance an investor would expect from investing in different cryptocurrencies, weighted by their available market capitalization. It includes the top 10 large-cap cryptocurrencies chosen based on their projected market cap over the next ten years.
Coin Metrics removed the coin from the CMBI 10 Index in 2021, over concerns about its investibility in light of the SEC’s lawsuit against Ripple Labs Inc. The delisting was specifically influenced by the suspension of XRP from prominent crypto exchanges like Coinbase, Bittrex, Bitstamp, and Binance.US.
XRP Gaining Lost Grounds
However, in July 2023, the coin gained a partial victory against the SEC, leading to relisting from major exchanges like Coinbase. While this was ongoing, Coin Metrics prolonged the deliberation period, while Grayscale Investments acted more swiftly to reintroduce XRP into its GDLC in early January.
Also, the reintroduction of XRP on Coin Metrics coincides with the recent announcement from Coinbase to bring back XRP trade for New York customers. As Crypto-Vanguard earlier reported, crypto traders in New York can once again buy and sell XRP on Coinbase’s website and mobile applications. This announcement comes after an initial withdrawal to support XRP back in 2021 due to the coin’s classification as a security by the SEC.
In light of these developments, the coin is showing signs of strength, trading at $0.5229. At press time, the trading volume increased by 104% in the past day to $2.2 billion.
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