On July 13, an important preliminary ruling was made in the Ripple vs SEC case, resulting in a major loss for the SEC. The court ruled that XRP is not a security, leading to an incredible surge in its value. XRP has significantly impacted the cryptocurrency market and received numerous listing announcements. Coinbase, a leading cryptocurrency exchange, was among those to list XRP. However, this situation seems to have had a negative impact on Coinbase.
COIN Shares Soared and Then Plummeted
Following an incredible surge on Friday, Coinbase shares experienced a significant drop. Nevertheless, various financial institutions continue to raise the general price target for the exchange’s stock. According to TradingView data, COIN closed the week at $103.50, representing a 3.3% decrease. Despite this, Coinbase, which has seen an increase in its stock price since the beginning of the year, experienced an astonishing 20% surge on Thursday.
Compared to the overall rise of Bitcoin, it appears that Coinbase’s shares have not achieved a similar increase or sustainability.
WeBush, a private investment firm, announced in a statement and report that it has raised its stock price target for Coinbase to $110. The revision of the target after such a sharp decline presents a contradiction and uncertainty. Despite the volatile nature of COIN’s performance since the beginning of the year, financial experts continue to provide positive targets for the year-end.
Was XRP Good News for COIN?
Private bank Needbush, on the other hand, raised its price target from $70 to $120. This could be due to the significant court ruling and the audacity to relist XRP. This indicates that Coinbase is currently very confident and trusts the possibility of a precedent-setting decision.
Coinbase’s overall situation is closely parallel to the cryptocurrency sector. As the cryptocurrency sector performs well, Coinbase shares will also thrive. This will also hold true in the event of a downturn, potentially causing COIN’s price to fall below all targets.
