Coinbase Sets Plan to Suspend Trading of XRP from Next Month

Coinbase, one of the world’s largest crypto trading platform has declared its plan to quit trading of XRP on its platform.

Coinbase Joins the Train

This makes Coinbase the latest exchange firm to suspend trading of Ripple’s XRP.

The negative downslide came for Ripple when US Securities and Exchange Commission accused the blockchain company of making up to $1.3 billion by selling the coin in unregistered securities sales.

Coinbase explained that, given the SEC’s new charge against Ripple, all XRP books have been moved to limit only. It further Coinbase plans to completely suspend exchange of XRP on Tuesday, January 19, 2021, at 10 AM PST.

Thereafter, clients may decide to keep on holding admittance to their XRP funds. 

The coin has dropped in cost by 42% since the SEC reported the charges, from $0.47 to $0.27. The coin has just dropped in an incentive by 8% after the news to $0.25.

Ripple’s Long List of Trouble

It is not new news that Ripple has gotten into a long list of trouble.

Coinbase joins the developing rundown of digital currency exchanges that have suspended trading of XRP.

 Other exchange platform like, Bitstamp, Beaxy, CrossTower, OKCoin and OSL have ended the trading a while ago.

XRP is however still open for exchanging on Binance, Kraken, and Huobi. 

Since information on the SEC’s claim reached light, a few firms have quit exchanging and making markets with XRP Two of the biggest crypto firm, Jump Trading and Galaxy Digital, have quit making markets for XRP, and Bitwise has sold all XRP from its asset. B2C2 turned into the last market marker to quit exchanging XRP. 

The SEC’s suit charges that Ripple brought $1.3 billion up in XRP through unregistered securities deals since 2012. It has kept on doing such. Ripple has around 6 million XRP retained wallets, which it sells now and again to keep the cost of XRP above water.