XRP Price Plunges as Coinbase Suspends Trading Due to SEC Lawsuit

Coinbase, the largest cryptocurrency exchange in the United States, sent XRP price to a steep peak after announcing to suspend XRP trading in all regions it serves.

December 29, 2020 | AtoZ Markets – Coinbase will suspend trading in XRP cryptocurrency from January 19, 2021. This was reported in the official blog of the company.

Currently, the American exchange has become the largest of the platforms to make such a decision on XRP. It accounts for about 8.5% of the global token trading volume.

Users will retain access to wallets and receive Spark Coins due to XRP holders as part of the airdrop. Support for the token will also remain in the custodian services Coinbase Custody and Coinbase Wallet.

A similar decision to delist XRP was also made by the OKCoin platform. OKCoin exchange will stop trading and accepting XRP deposits from January 4, 2021, until further notice. All other functions will work as usual.

The trading platform asked participants to margin trading in the XRP/USD market to return the borrowed funds by January 3. Otherwise, active debt positions will be liquidated.

Thus, the list of companies that have ceased to support XRP includes:

  • Coinbase
  • OKCoin
  • Bitstamp ;
  • Simplex ;
  • Galaxy Digital;
  • Jump Trading;
  • Coinmama;
  • OSL ;
  • Beaxy Exchange ;
  • CrossTower;
  • Bitwise;
  • B2C2;
  • 21Shares.

XRP went into a steep dive

Coinbase's decision was a powerful blow to XRP, which was trying to gain a foothold above the psychologically significant $0.30 mark. The token rate fell by more than 10% in a matter of minutes and continued to fall to $0.21. As of this writing, the coin is trading at $0.22, down 18% on a daily basis. XRP has lost more than 50% over the past seven days.

Recall that on December 23, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, the CEO of the company Brad Garlinghouse and its co-founder Chris Larsen. According to the department, the company has been selling unregistered securities in the form of tokens for seven years and has raised $1.3 billion during this time.

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