Coin Metrics, a top crypto insights provider, has announced XRP’s reinstatement to its CMBI 10 Index. This decision follows a thorough evaluation confirming XRP’s compliance with the investability requirements specified in the CMBI Multi-Asset Methodology.Â
Coin Metrics plans to re-include XRP in the CMBI 10 Index, effective from the June index review. Additionally, the move signals confidence in XRP’s investability, aligning with the index’s goal of tracking diverse cryptocurrency performance.
Background On XRP Exclusion
In 2021, Coin Metrics excluded XRP from the CMBI 10 Index due to investability concerns amid the SEC’s lawsuit against Ripple Labs. The suspension of XRP trading on major exchanges like Bitstamp, Coinbase, Binance.US, and Bittrex contributed to this decision. These actions posed challenges for U.S. investors seeking access to its markets, affecting the investability of CMBI multi-asset products.
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XRP emerged victorious in the SEC lawsuit in July 2023, leading to its relisting on American exchanges, including Coinbase. Despite this development, Coin Metrics delayed reinstating it for ten months, citing ongoing deliberation. In contrast, Grayscale, which removed it from its GDLC following the initial wave of delistings, acted swiftly to reinstate it in January.
Coin Metrics’ Announcement
Coin Metrics’ announcement coincides with the return of XRP trading to enthusiasts in New York. Consequently, this decision reflects growing confidence in XRP’s legal standing and market accessibility, prompting its reintroduction to the CMBI 10 Index.
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The CMBI 10 Index is a benchmark for investors, providing insights into diverse cryptocurrency performance. It includes the top 10 large-cap cryptos, weighted by market cap, and aggregates price data from global trading platforms adhering to its framework.
Coin Metrics’ decision to reinstate XRP in the CMBI 10 Index highlights the cryptocurrency’s changing legal and market landscape, enabling wider investor access and participation.
