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XRP Price Drops 19% After Coinbase Confirms Trading Suspension for Third-Largest Cryptocurrency

Coinbase says it’s preparing to suspend all trading of XRP.

The San Francisco-based crypto exchange, which is one of the largest trading platforms for XRP by volume, says it will flip the switch in about three weeks.

“In light of the SEC’s (U.S. Securities and Exchange Commission) lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform.

Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time*.

The news triggered another big drop in the price of the third-largest cryptocurrency. At time of publishing, XRP is down 19% at $0.22, according to CoinMarketCap.



Users will still have access to their funds and they will remain eligible to receive tokens from the upcoming Spark airdrop.

Coinbase will also continue to support XRP on Coinbase Custody and Coinbase Wallet.

The exchange says it will continue to monitor the SEC’s case against Ripple, which alleges the company sold XRP as an unregistered security.

“Coinbase remains committed to being the most trusted platform for trading cryptocurrency. We strive to provide our customers with access to a broad set of assets, all of which are evaluated against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world.

We take seriously any decision to change our customers’ access to one of those assets.”

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