Coinbase, one of the largest cryptocurrency exchanges, Trading in the XRP token is suspended in response to legal action taken by the US Securities and Exchange Commission against Ripple.
According to a blog post published today by Paul Grewal, Coinbase’s Chief Legal Officer, The exchange will completely cease XRP trading starting January 19 at 10:00 a.m. PST. Coinbase made it clear that “trading can be stopped earlier if necessary” in order to maintain the health of the stock market.
“The suspension of trading will not affect customers’ access to XRP wallets, which will continue to be available for deposit and withdrawal functions after the suspension of trading.” the exchange said. “We will continue to support XRP with Coinbase Custody and the Coinbase Wallet.”
The US exchange is the largest to have taken a position on XRP after it was announced on December 22 that the The SEC would take legal action against Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen for conducting “an ongoing offering of unregistered securities for digital assets.”
In the early hours of the cryptocurrency exchange, OKCoin announced that it will suspend XRP trading and deposits from January 4th. Bitstamp I announce that would stop XRP trading for US citizens, while smaller like exchanges OSL, Beaxy and CrossTower announced that they would take similar measures against token trading.
Following Coinbase’s announcement, the price of XRP immediately fell more than 10% from $ 0.28 to $ 0.25 at the time of this story’s publication. This is the latest in a series of bearish moves for the token, which has fallen 44% in price since the SEC’s announcement.
This is a story under development and will be updated.