Veteran cryptocurrency exchange Coinbase announced that it would completely suspend XRP trading by January 2021, following the suit submitted versus Ripple by the U.S Securities and Exchange Commission (SEC).
Coinbase to Suspend XRP Trading
According to an article on Monday (Dec. 28, 2020), Coinbase stated that while XRP trading will be transferring to “restrict only” starting December 28, the exchange is planning to suspend XRP trading on January 19, 2021, 10 AM Pacific time.
In spite of the suspension, Coinbase stated that consumers will still have access to their XRP wallets, adding that it “will stay offered for deposit and withdraw functionality after the trading suspension.”
“Further, consumers will remain qualified for the formerly revealed Spark airdrop (subject to approval in certain jurisdictions), and we will continue to support XRP on Coinbase Custody and Coinbase Wallet.”
Coinbase’s decision comes after the SEC sued Ripple. The U.S. securities watchdog alleged that Ripple was performing unregistered securities offerings to the tune of $1.3 billion. The news as a result tanked the XRP price, triggering the token’s worth to shed another 17% at the time of this composing to a rate of $0.24, and 60% over the past 10 days because the SEC saga had begun.