Coinbase Halts Trading Of XRP Amidst SEC Issues

As you probably know by now, Ripple is having to deal with some SEC-related issues once again these days.

Ripple is about to face a massive SEC lawsuit.

Ripple said that it would defend itself against a lawsuit from the SEC that is claiming the company violated investor protection laws when they sold XRP.

Also,  it’s important to note that in a new blog post, CEO of Ripple, Brad Garlinghouse released a statement from Ripple lawyer and former SEC enforcement Director Andrew Ceresney.

We suggest that you check out the original blog post to find out all the details.

Coinbase announces halting XRP trades

Coinbase announced that it’s halting the XRP trades on the exchange – they made the announcement in an official blog post.

Some trades became restricted already, and the full suspension will be going into place on January 19.

The Verge pointed out to the fact that Coinbase is the largest crypto exchange out there and suspending a coin as XRP will definitely put the digital asset’s future in danger.

The official blog post notes that “The trading suspension will not affect customers’ access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension.”

The notes continued and said: “Further, customers will remain eligible for the previously announced Spark airdrop (subject to approval in certain jurisdictions), and we will continue to support XRP on Coinbase Custody and Coinbase Wallet.”

XRP’s current price is dropping as a result

The exchange also made sure to point out the fact that “Coinbase remains committed to being the most trusted platform for trading cryptocurrency.”

XRP’s price is definitely reflecting the disaster, and at the moment of writing this article, XRP is trading in the red.

The digital asset is priced at $0.220313, and it’s down by more than 22% in the past 24 hours.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.