- Ripple token XRP continues to suffer from the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple. Coinbase and OKCoin joined other exchanges that stopped XRP trading on their platform. According to an official announcement, Coinbase said it will suspend all XRP transactions on the exchange.
Ripple token XRP continues to suffer from the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple. Coinbase and OKCoin joined other exchanges that stopped XRP trading on their platform. According to an official announcement, Coinbase said it will suspend all XRP transactions on the exchange.
Coinbase’s suspension of XRP trading, one of the largest cryptocurrency exchanges, will have a huge impact on cryptocurrency.
Even if the company wins the case against Ripple, many observers believe the token’s reputation and future may be at stake.
Coinbase wallet for XRP will continue
Coinbase said there were very few restrictions on XRP trading, but the exchange is planning a full suspension until January 19th.
According to Coinbase, XRP trading must be suspended to maintain the exchange’s market health metrics.
However, customers will still have access to their XRP wallets as both withdrawal and deposit functionality will continue. The exchange said XRP will continue to be supported on Coinbase Wallet and Coinbase custody even after it is suspended.
OKCoin stops XRP trading
On a similar note, another crypto exchange OKCoin announced that it had suspended XRP trading the same day.
OKCoin revealed in a blog post that the suspension of XRP trading was “the best course of action” after the recent SEC case against Ripple. As a result, OKCoin asked users who borrowed XRP / USD on the platform to return the amount they borrowed before January 3.
The suspension will take place within two days, with the second day of deposit trading for margin trading, spot trading, and XRP. The OKCoin blog post reads, “We will proactively inform our customers when we have information that could change our position.”
More exchanges could stop XRP trading
Since the news about the SEC case came out, the price of XRP has dropped significantly and has lost over 36% in the past week. Some exchanges began removing XRP from their platforms as soon as the SEC case was announced. Exchanges like CrossTower, Beaxy, and OSL have all broken ties with XRP.
What is more worrying is the fact that more exchanges may suspend XRP trading in the coming days.