Coinbase decided it’s going to suspend Ripple trading after Bitstamp and a few other exchanges decided to do so as well, while the XRP price crashed by 60% in 10 days, dropping only 17% after the Coinbase decision as we can see more in today’s XRP price news.
Coinbase decided that it will fully suspend all XRP trading by January 2021 after the lawsuit filed against Ripple from the U.S Securities and Exchange Commission.
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According to a blog post by the exchange, we can see that XRP Trading will be moving to “limit only” starting from December 28th, and the exchange plans to also suspend XRP trading on January 19th, 2021.
Despite the suspension, Coinbase said that the customers will still have access to their XRP wallets adding that it will remain available for deposit and withdraw functionality after the trading suspension.” The exchange continued:
“Further, 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.”
Coinbase’s decision came after the SEC launched a lawsuit against Ripple. The securities watchdog alleged that the company was carrying out unregistered securities offerings and earned $1.3 billion. The news crashed the XRP price and led to the token’s value erasing another 17% at the time of writing to a price of $0.24. XRP crashed by 60% since the lawsuit was launched. Apart from its price dropping, different crypto exchanges have taken action since the SEC Lawsuit. Exchanges like Beaxy, Bitwise, and CrossTowtr as well as Bitwise, delisted and suspended XRP Trading on their platforms.
Another crypto exchange announced that it would halt all XRP Trading and deposits for the US-based customers and the suspension will take effect on January 8th, 2021. In the meantime, Brad Garlinghouse, the CEO of Ripple, stated that the company will fight the legal battle with the SEC and released a document to counter SEC’s claims. With the overwhelming negativity around Ripple at the moment, the company has a few supporters. SBI Holdings is the main one as the CEO Yoshitaka Kitao expressed optimism that Ripple will win the case:
“Japan’s FSA has already made it clear that XRP is not a security. I’m optimistic that Ripple will prevail in the final ruling in the US. SBI Holdings remains a steadfast partner to Ripple, and looks forward to expanding together in Asia.”
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