- Coinbase suspends XRP trade on its platform.
- XRP price continues to fall.
- Other platforms like Bitstamp and MoneyGram also renounce XRP.
XRP price falls further after Coinbase announced its suspension of XRP trading on its platform earlier today. This action was taken due to the $1.3 billion lawsuit put forth by the US Securities and Exchange Commission (SEC).
Coinbase will suspend XRP trading completely starting January 19th, 2020. For now, XRP trading on Coinbase has been strictly limited. Coinbase’s chief legal officer, Paul Grewal says, Coinbase will continue to monitor all legal developments pertaining to XRP.
Since the lawsuit, XRP took a massive hit. Its price taking over a 60% loss within the first four days of the lawsuit. And since Coinbase’s decision, the price continues to fall. At press time XRP stands at $0.23.
Along with Coinbase exchange, other exchanges like Bitstamp and 21shares have also delisted XRP on their platforms. Other crypto exchanges may soon follow Coinbase’s decision. XRP’s partner MoneyGram has also abandoned XRP.
The third-largest cryptocurrency faced charges on the grounds of withholding information from its users. SEC sued Ripple, its founder Christian Larsen and its current CEO Brad Garlinghouse on the grounds of selling XRP as an ‘illegal securities offering’.
Ripple argues that XRP is a coin and therefore, does not need to be classified as a security offering. Garlinghouse believes XRP will prevail. He is ready to fight the allegations set by the SEC as he expected the possibility of a lawsuit from them.