Coin Metrics, a prominent provider of crypto financial insights, including market data and risk management solutions, reinstates XRP to its CMBI 10 Index.
On Thursday, Coin Metrics
announced
the move to relist XRP in the CMBI 10 Index in a statement on its official website. According to the report, the decision follows a thorough evaluation confirming that XRP fulfills the investability requirements specified in the CMBI Multi-Asset Methodology.
Consequently, Coin Metrics plans to re-include XRP in the CMBI 10 Index, taking effect during the June index review.
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Pseudonymous XRP community figure WrathofKahneman brought awareness to this development in a post on X.
Notably, the CMBI 10 Index tracks the performance an investor might anticipate from investing in a diverse group of cryptocurrencies, weighted by their available market cap. It includes the top 10 large-cap cryptos, like XRP, chosen based on their projected market cap over the next ten years.
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Additionally, the CMBI 10 Index aggregates price data from leading global trading platforms that adhere to its market selection framework.
Why Coin Metrics Removed XRP Initially
In 2021, Coin Metrics excluded XRP from the CMBI 10 Index due to investability concerns stemming from the
SEC’s lawsuit against Ripple Labs
. Specifically, the delisting was influenced by the suspension of XRP trading on prominent exchanges such as Bitstamp, Coinbase, Binance.US, and Bittrex.
Coin Metrics highlighted that these actions made it challenging for a U.S. investor base to access XRP markets, adversely affecting the investability of CMBI multi-asset products.
Meanwhile, XRP
triumphed
in the SEC lawsuit in July 2023, sparking relisting actions from American exchanges, including Coinbase. However, Coin Metrics failed to reinstate XRP until ten months after the lawsuit victory despite the resumption of XRP trading on U.S. exchanges.
Contrasting Coin Metrics’ prolonged deliberation period, Grayscale, which removed XRP from its GDLC following the initial wave of delistings by U.S. exchanges, acted more swiftly,
reinstating XRP earlier in January.
Meanwhile, Coin Metrics’ announcement about re-adding XRP coincides with
the return of XRP trading to crypto enthusiasts in New York.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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