Barclays said in a research report on Monday that the U.S. Southern District Court’s ruling in partial favor of payments network Ripple is incrementally positive for crypto exchange Coinbase (COIN). We view the ruling as incrementally positive for Coinbase, given the interpretation that in some cases a token may not be a security, the bank’s analysts wrote. Wall Street firms J.P. Morgan and Needham also had a positive take on Coinbase’s stock after the XRP ruling. J.P. Morgan, which has a neutral rating for COIN, said that Coinbase is in the best position to benefit from the improved confidence and regulatory clarity given Coinbase’s market leading position and respected reputation in the industry. Similarly, Needham analyst John Todaro, who has a buy rating and price target of $120, wrote that the outcome should moderately de-risk regulatory pressure on Coinbase’s stock. Investment bank Berenberg said last week that the rally in the shares of the crypto exchange was overdone as some investors may have partially misinterpreted the ruling.
Ripple Ruling Incrementally Positive for Coinbase, Barclays Says
