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Home Latest News Business Coinbase announces it will suspend XRP trading as price drops another 10%

Coinbase announces it will suspend XRP trading as price drops another 10%

Coinbase cryptocurrency exchange will suspend trading for XRP in response to the United States Securities and Exchange Commission taking legal action against Ripple.

According to a blog post published today by Coinbase chief legal officer Paul Grewal, the exchange will fully suspend XRP trading starting on Jan. 19 at 10:00 am PST. Coinbase explained that “trading may be halted earlier as needed” to maintain the exchange’s market health metrics. Additionally, the suspension will allegedly not affect Ripple-backed Flare Network’s upcoming Spark (FLR) token airdrop.

Grewal stated:

“The trading suspension will not affect customers’ access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension. We will continue to support XRP on Coinbase Custody and Coinbase Wallet.”

Crypto exchange OKCoin announced that it will suspend XRP trading and deposits beginning on Jan. 4. Bitstamp said it will halt XRP trading for U.S. residents, while smaller exchanges including OSL, Beaxy and CrossTower announced they will take similar actions against trading the token.

According to Cointelegraph, some crypto users are anticipating other exchanges falling in line like dominoes to delist or suspend trading of XRP now that a major player such as Coinbase has taken a position on the token.

“You will soon see Kraken, Bittrex, Genesis, Grayscale and other members of the Crypto Rating Council delist it too,” stated Twitter user PratikKala. “Liquidity will dry up and the remaining market makers in Asia will have to exit it too.”

Grayscale Investments may have already have distanced itself from XRP. According to Twitter user “ShardiB2,” the company is allegedly ending subscriptions for its XRP Trust by announcing it would no longer accept new subscriptions or process pending ones. The Grayscale website declares that “The Grayscale XRP Trust private placement is currently closed.”

Following the Coinbase announcement, the price of XRP instantly dropped more than 10%, falling from $0.28 to $0.25 at the time of publication.

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