XRP Will Be suspended on Coinbase and already is on Other Exchanges Following the SEC’s Lawsuit
As the US Securities and Exchange Commission filed a lawsuit against Ripple and its two executives, more and more cryptocurrency companies are suspending their services with XRP. The latest to announce suspending services as of 01/19/2020, is the cryptocurrency exchange, Coinbase.
At the time of writing this article XRP‘s price is $00.234 and has seen a 19.70% decrease in the last 24 hours alone. on 12/21/2020 XRP’s price was sitting around $00.48, meaning it has decreased by over 50% in the last week.
We 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 @CoinbaseSupport Twitter account.
— Coinbase (@coinbase) December 28, 2020
Though less popular Hong Kong-based exchange OSL was the first to delist the controversial cryptocurrency after the announcement of the lawsuit, another less popular exchange, “CrossTower” was proactive enough to delist XRP even before the official confirmation.
“Given the uncertainty regarding XRP’s status, CrossTower has decided to delist XRP,” CrossTower President, Kristin Boggiano, said in a statement.
OSL and Beaxy both tweeted about their suspension of XRP trading, and the decision will be effective “until further notice.”
Please note: In light of US Securities & Exchange Commission’s enforcement action against Ripple Labs & 2 of its executives, we have suspended all #XRP payment in and trading services on the OSL platform, effective immediately and until further notice.https://t.co/EXJJEHMawn
— OSL (@osldotcom) December 23, 2020
The SEC has charged @Ripple with conducting an unregistered security sale.
Due to this, #Beaxy has halted trading for XRP pending further news. $XRP withdrawals will remain enabled until further notice. pic.twitter.com/lVVqXJPdPP
— Beaxy Exchange (@BeaxyExchange) December 22, 2020