Coinbase announced that Ripple (XRP) trading will be suspended by January 2021. This is followed by the lawsuit filed against Ripple by the US Securities and Exchange Commission (SEC).
Coinbase Suspends XRP Trading
Coinbase is a Veteran-based and biggest cryptocurrency exchange announced regarding XRP suspension. However, some trading restricted starting from December 28. In addition, the full-suspension will take place from January 19, 10:00 AM Pacific Time.
Moreover, XRP’s suspension followed by the lawsuit filed by SEC against XRP creator. Due to suspension users will not be able to trade XRP on Coinbase. While users can deposit and withdraw using the XRP wallets.
Coinbase added that,
[blockquote footer=””]customers will remain eligible for the previously announced Spark airdrop(subject to approval in certain jurisdictions), and we will continue to support XRP on Coinbase Custody and Coinbase Wallet[/blockquote]
Furthermore, the Coinbase decision came after the lawsuit. Moreso, SEC claims that Ripple’s CEO ad former CEO responsible for disclosing additional information to access the risks of XRP before users invest. In Ripple’s opinion, XRP is money, and so it doesn’t come under the jurisdiction of the SEC.
Nevertheless, the XRP price dropped over 60% in 10 days. According to CoinGecko, the XRP price is at $0.22 with a 24-hour trading volume of over $9.05 billion, at the time of writing.
[image lightbox=”1″ caption=”XRP Price Chart 1-Month (Source: TradingView)”]https://thenewscrypto.com/wp-content/uploads/2020/12/XRP-Price-Chart-1-Month-1.jpg[/image]
Coinbase is the highest-profile exchange to suspend XRP. Added to this, other exchanges like Bitstamp, Beaxy, CrossTower, Bitwise, OSL, and OK Coin made similar decisions following the SEC’s legal action.