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Coinbase Announces Ripple’s XRP Trading Suspension, Price Down by 23.27%



Coinbase Announces Ripple's XRP Trading Suspension, Price Down by 23.27%

It seems that one after one cryptocurrency exchange is halting XRP trading due to SEC lawsuit. Coinbase one of the top cryptocurrency exchange today announces that it will suspend Ripple’s XRP trading from Jan 2021.

According to the official statement, “In light of the SEC’s recent action against Ripple Labs, Inc., Coinbase plans to suspend trading in XRP on Tuesday, January 19, 2021 at 10 AM PST.

Yesterday, Bitstamp cryptocurrency exchange also announces suspension of XRP trading and deposits from 8th January 2021. Not only this many crypto exchanges like OSL, CrossTower, and Beaxy all stopped XRP trading for its U.S. customers.

As per Coinbase official blog post, XRP trading will move into limit mode starting December 28, 2020, at 2:30 PM PST. The full trading will be suspended from Tuesday, January 19, 2021, at 10 AM PST.

However, Coinbase will “continue to support XRP on Coinbase Wallet and Coinbase Custody. Coinbase will continue to monitor legal developments related to XRP and update our customers as more information becomes available through the Coinbase Support Twitter account.”

XRP wallets will remain available for deposit and withdrawal after the trading suspension. Also, the customers will be eligible for SARK Token airdrop.

Soon after the Coinbase announcement regarding the XRP trading suspension, the XRP price drops more than 20%. At press time XRP is trading at $0.219980 with the price down by 22.96% from last 24h.

The 24h high and low for XRP are $0.306016 USD and $0.219451 USD respectively. The market cap and 24h trading volume are $10,318,357,047 and $9,772,280,257 respectively.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.