TL;DR

• Certain digital assets recorded substantial price declines following the latest delisting spree announced by the US-based crypto exchange.
• In contrast, some of the company’s previous listing disclosures have triggered double and even triple-digit rallies.

Heading South

The leading cryptocurrency exchange Coinbase announced that it will terminate trading services with Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), & Synapse (SYN) on June 26. The delisting effort was attributed to updated token versions, which no longer meet the platform’s listing requirements.

Coinbase has also moved its order books involving the four altcoins to limit-only mode. “Limit orders can be placed and canceled, and matches may occur,” the company stated. 

The prices of the affected assets plunged following the disclosure. RNDR has dropped by 7% on a daily scale, while the rest are down by double digits. The biggest loser is SYN, whose valuation declined by almost 15%.

Such price reactions are somewhat expected. After all, ceased support from a major player like Coinbase leads to reduced liquidity and visibility. Additionally, it can spark fear and doubt among investors, hurt the asset’s reputation, and drive more people to sell.

Render is the biggest cryptocurrency in terms of market capitalization from the affected ones, and some X users commenting on the post were left surprised that Coinbase decided to suspend trading services with it. The company initially added support for the altcoin at the beginning of last year, placing it in its roadmap section and later listing it on the platform. 

The Opposite Effect

Usually, the observed price dynamics are much different when Coinbase backs certain cryptocurrencies in one way or another.

Earlier this year, the exchange listed the meme coin TOSHI on its roadmap, a vital step before an official listing. The valuation of the token skyrocketed by over 100% shortly after the inclusion.

A similar occurrence took place in 2024 when Coinbase added Tensor (TNSR), the native token of Solana’s top NFT marketplace, to its roadmap. The announcement triggered a 70% spike in the asset’s price.

Speaking at the largest annual Bitcoin conference, this time held in Las Vegas, the Vice President of the United States addressed the entire cryptocurrency community in what was undoubtedly a pro-crypto speech.

JD Vance outlined that he is bullish on technology, equating the cryptocurrency industry to “genuine, ground-up innovation that is already improving the well-being of tens of thousands of people.”

He also outlined that he believes 100 million people will own Bitcoin “before not too long.”

Speaking on the broader industry, he said that:

Crypto is a hedge against bad policy at Washington, regardless of which party is ahead, against skyrocketing inflation, which has eroded people’s savings, hedge against the private sector that’s willing to discriminate against consumers on the basis of their basic belives, including their politics.

Going forward, Vance also touched on ending the controversial operation Chokepoint 2.0, while also vowing that the Trump administration wii never “try to handicap” the crypto community.

We reject weaponized regulators. We fired Gary Gensler – and we’re going to fire everyone like him. We know their type, and we know the game they play: under the pretense of consumer protection, they attacked every single effort to democratize our financial markets.

The possibility of trading spot XRP exchange-traded funds (ETFs) in the United States just went a notch higher. This is because the U.S. Securities and Exchange Commission (SEC) just commenced its first formal review of an application seeking to launch an XRP ETF in the country.

According to a filing from the securities agency, it has initiated proceedings to determine whether it will approve or deny an application to list and trade shares of the WisdomTree XRP ETF on the Cboe BZX Exchange. WisdomTree is an asset management firm that issued one of the eleven spot Bitcoin ETFs in the U.S.

SEC to Review WisdomTree Spot XRP ETF

The SEC is evaluating whether the proposed rule change to list WisdomTree’s XRP ETF on Cboe BZX is designed to prevent fraudulent and manipulative practices. The proposal must implement measures that protect investors and serve the public interest before it can be considered for approval.

Additionally, the SEC noted that the proposal may raise new concerns not previously considered by the agency, and these issues need to be addressed. While the proceedings continue, the Commission has asked interested persons to submit their views regarding the approval or disapproval of the application.

“The Commission asks that commenters address the sufficiency of the Exchange’s statements in support of the proposal, which are set forth in the Notice, in addition to any other comments they may wish to submit about the proposed rule change,” the SEC stated.

Notably, the initiation of proceedings for the proposal does not guarantee that the SEC will approve the product. The agency has roughly 240 days to decide whether the proposal is worth approving or not.

Not the First

It is also worth mentioning that the WisdomTree ETF, if approved, will not be the first XRP fund to be listed in the U.S. Early last month, the Vermont-based asset manager Teucrium launched the first leveraged XRP ETF in the U.S. on NYSE Arca. Towards the end of the month, the fund management company ProShares listed three futures ETFs. The funds provide investors with leveraged and inverse exposure to XRP through derivatives.

The SEC approval of a spot XRP ETF would pave the way for the launch of similar products. This would be a huge win for the XRP community, considering that the token’s issuing company, Ripple, was involved in a tedious legal battle with the SEC for years.