Coinbase announces it will suspend XRP trading as price drops another 10%

[bigvito19]

Coinbase plans to suspend trading for the token on Jan. 19 but added it "may be halted earlier as needed."

Major cryptocurrency exchange Coinbase will suspend trading for XRP in response to the United States Securities and Exchange Commission taking legal action against Ripple.

According to a blog post published today by Coinbase chief legal officer Paul Grewal, the exchange will fully suspend XRP trading starting on Jan. 19 at 10:00 am PST. Coinbase clarified that “trading may be halted earlier as needed” to maintain the exchange’s market health metrics. In addition, the suspension will reportedly not affect Ripple-backed Flare Network's upcoming Spark (FLR) token airdrop.

"The trading suspension will not affect customers' access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension,” said Grewal. "We will continue to support XRP on Coinbase Custody and Coinbase Wallet."

The U.S.-based exchange is the largest so far to take a position on XRP following the Dec. 22 announcement that the SEC will charge Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen with conducting an "unregistered, ongoing digital asset securities offering."

Earlier today, crypto exchange OKCoin announced that it will suspend XRP trading and deposits beginning on Jan. 4. Bitstamp stated it will halt XRP trading for U.S. residents, while smaller exchanges including OSL, Beaxy and CrossTower announced they will take similar actions against trading the token.

Some crypto users are anticipating other exchanges falling in line like dominoes to delist or suspend trading of XRP now that a major player like Coinbase has taken a position on the token.

"You will soon see Kraken, Bittrex, Genesis, Grayscale and other members of the Crypto Rating Council delist it too," said Twitter user PratikKala. "Liquidity will dry up and the remaining market makers in Asia will have to exit it too."

Grayscale Investments may have already have distanced itself from XRP. According to Twitter user "ShardiB2," the firm is reportedly ending subscriptions for its XRP Trust by announcing it would no longer accept new subscriptions or process pending ones. The Grayscale website declares that "The Grayscale XRP Trust private placement is currently closed."

Following the Coinbase announcement, the price of XRP immediately dropped more than 10%, falling from $0.28 to $0.25 at the time of publication. This is the latest in a series of bearish movements for the token, the price of which has fallen 44% since the SEC announcement.

https://cointelegraph.com/news/okcoin-latest-exchange-to-suspend-xrp-trading-and-deposits

[samcrypto]

Expect more exchanges to suspend the trading of XRP and the worst thing is to delist this coin because of the current suit from SEC. This is not just the announcement of Coinbase that made XRP dumps again, people are slowly realizing that this coin is on a big trouble and they have to leave this one as early as possible or else they'll be trap at the bottom.

[TravelMug]

Here is the official announcement:

In light of the SEC’s recent action against Ripple Labs, Inc., Coinbase plans to suspend trading in XRP on Tuesday, January 19, 2021 at 10 AM PST.
By Paul Grewal, Chief Legal Officer
In light of the SEC’s 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*. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.

https://blog.coinbase.com/coinbase-will-suspend-trading-in-xrp-on-january-19-2e09652dbf57

So by now we will assume that XRP will be having a difficult time to recover as this news is really huge for XRP investors. Just a matter of time before XRP will dip further.

The question is which US exchange is going to suspend XRP trading by January?

[Genemind]

Here is the official announcement:

In light of the SEC’s recent action against Ripple Labs, Inc., Coinbase plans to suspend trading in XRP on Tuesday, January 19, 2021 at 10 AM PST.
By Paul Grewal, Chief Legal Officer
In light of the SEC’s 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*. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.

https://blog.coinbase.com/coinbase-will-suspend-trading-in-xrp-on-january-19-2e09652dbf57

So by now we will assume that XRP will be having a difficult time to recover as this news is really huge for XRP investors. Just a matter of time before XRP will dip further.

The question is which US exchange is going to suspend XRP trading by January?

Most likely most exchanges under the scope of U.S. will stay away or suspend any XRP transactions to avoid any legal obligations since SEC announced that they will be filing a lawsuit to Ripple. This will make XRP difficult to recover even if the issues die or the lawsuit is canceled. A lot of people had lost a huge amount of money and distrust XRP now.

[maxreish]

Crypto exchanges are now gradually implementing xrp trading and other xrp transactions related suspensions. What do you expect, after giving warning by SEC issuing lawsuit to ripple company. If ripple won't win these case then delisting it to all exchanges will absolutely gonna happen.

Probably, they're preparing for the possible scenario that's why they are announcing the suspension to give users awareness about the possible delisting. Hope ripple may find some resolution about this issue so holders of xrp can still recover from these massive dump. After Coinbase and OKcoin, for sure other crypto exchanges will gonna follow suspensions, too.

[tsaroz]

The price of Ripple is more likely to fall. With the interference of SEC, every exchanges that operates for US citizens under the regulations needs to stop trading Ripple. SEC ban would not have been a large setback if the Ripple team had taken proper actions and consolidate the users but some of them went on to make false claims and were part of a bull trap. There's so much false information circulating and people are even falling on it. At the moment it's best to avoid Ripple as there are many other options.

[jademaxxiss012]

Expect XRP will going to fall after this news being announce it here and to other sites. We know that XRP has a good community but after this news that coinbase has announced then probably this could change the community towards XRP coin. Anyway, there is still time to trade in XRPand one can convert it to bitcoin instead.

[shinratensei_]

Here we go https://twitter.com/cryptocom/status/1343729471413620736

Crypto.com is also announcing that if XRP will be delisted from its crypto.com apps in US

https://blog.crypto.com/xrp-delisting-from-the-crypto-com-app-in-the-u-s/

it's sad to say that but those XRP holders should think again to short the XRP market. It seems like if this will give a very big impact on the price of ripple. I wanna say goodbye for ripple. RIPple. 

[maximumcoin]

This is really a worst week of XRP and who are holding XRP. I can't suffer the feeling my account decrease day by day and I must to stop loss all. This is a sad memory at the end of the year. (

[Review Master]

it's sad to say that but those XRP holders should think again to short the XRP market. It seems like if this will give a very big impact on the price of ripple. I wanna say goodbye for ripple. RIPple. 

Many of leverage traders already take profit by shorting XRP and it's not the end of this drama, imo. More of them are still looking forward to play with long-short position.  BTW, Rest In Peace ple = RIPple which is great one. As far, it's better to avoid taking any position on Xrp as none of us know what's going to be done next.

[JeffBrad12]

I am interested in reading the posts that you write, and of course this is important information for crypto users. The conclusion that I can take from your writing is that if there is a system change in an exchange market it will have a big influence on the price of a coin

Lol what? are you joking or what? it looks like you are drunk dude. it's not even having any correlation with the system but in this case, we are discussing the impact caused by the coinbase delisting XRP.
The price of XRP goes down even more than before. You should take a few of your glasses and try to eat the orange juice.
This is not about the system or whatever you have called it