Citi analysts increased their price target on Coinbase Global (NASDAQ:COIN) to $105.00 from $65.00 while reiterating their Neutral rating. The analysts commented that despite positive elements from Ripple's surprise ruling and the subsequent momentum in the crypto market, investors should not be overly aggressive due to several reasons.

These include the indication that the current "Howey Test" guidelines are unlikely to be modified, the insufficiency of the "Fair Notice" defense tactic, potential regulatory vulnerabilities for alt-coins using proof-of-stake mechanisms, and the uncertainty surrounding the duration required for exchange volumes to recover from multi-year lows.