Coinbase the Latest Exchange to Suspend XRP Trading

Coinbase will follow several other exchanges in halting XRP trading next month. The move has been made in response to the SEC’s lawsuit against Ripple alleging fraud. Key Takeaways

  • Coinbase is halting trading of XRP next month. It will still be available on Coinbase Wallet and Coinbase Custody.
  • The San Francisco company is the latest in a string of exchanges to suspend XRP from its order books.
  • The price of XRP has continued to plummet in the fallout from the SEC’s lawsuit against Ripple.

Coinbase is suspending trading for XRP on its exchanges.

The exchange’s Chief Legal Officer, Paul Grewal, announced the news in a blog post this evening. The message reads:

“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform.”

Trading of the asset will move to limit only with immediate effect, before being suspended fully on Jan. 19 at 13:00 Eastern Time. The exchange notes that customers will still be able to deposit and withdraw XRP to their Coinbase wallets, and eligible holders will still benefit from the recently announced Spark airdrop. The cryptocurrency is also going to stay listed on Coinbase Wallet and Coinbase Custody.

Nevertheless, it will doubtless be another hit for Ripple and its tokenholders. Coinbase is one of the world’s biggest cryptocurrency exchanges and one of the first places new investors go to buy crypto assets.

Coinbase isn’t the only exchange to make the decision to delist XRP. OKCoin, Bitstamp and Bitwise, among others, have all confirmed that they’ll soon halt XRP trading. The impact on XRP prices has been catastrophic, plummeting 55% in the last week.

On Dec. 22, the Securities Exchange Commission announced that it would be suing Ripple for selling unregistered securities. The SEC alleged that the company used an “information vacuum” to generate over $1.38 billion in profit. The case is still ongoing.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

OKCoin Will Suspend XRP Activity Due to SEC Charges

OKCoin has announced it will suspend trading and deposits of XRP on its exchange beginning on Jan. 4, 2021. SEC Lawsuit Causes Suspension On Dec. 22, 2020, the U.S. Securities…

Using futures term structure and basis as an indication of sentiment, …

In this article we are going to talk about how futures term structure and basis can be a useful tool to traders for directional advantage and identifying a potential bottom….

SEC Charges Ripple for Selling $1.38 Billion in Unregistered Securitie…

The U.S. Securities and Exchange Commission (SEC) is preparing to sue cryptocurrency payments firm Ripple and its two executives for selling unlicensed securities. Ripple’s “Information Vacation” Harmed XRP Investors According…

Flare Networks to Airdrop 46 Billion Tokens to XRP Holders

Flare Networks has announced the number of Spark (FLR) tokens that it will be issuing to eligible XRP holders. Users that held XRP on exchanges such as Coinbase, Kraken, Binance,…

Source: https://cryptobriefing.com/coinbase-latest-exchange-suspend-xrp-trading/

Rating: 0
xc false
Slider: 0

Leave a Reply

Your email address will not be published. Required fields are marked *