Coinbase to Suspend XRP Trading Following SEC Suit Against Ripple
On Tuesday, January 19 cryptocurrency trading firm Coinbase plans to fully suspend trading of XRP, the currency in which the US Securities and Exchange Commission sued Ripple Labs over last week. Coinbase first listed XRP on its retail platforms in February of this year. However, after just under a year on the market, the cryptocurrency “will move into limit only” until January 19, according to Coinbase.
Coinbase states that they will continue to monitor legal developments and update customers as the situation evolves and more information is disclosed. XRP wallets will remain available so customers can receive and withdraw the cryptocurrency. The exchange also stated that it will support a forthcoming airdrop of Spark tokens to XRP supporters. The price of XRP declined drastically within the first few hours of the US Securities and Exchange Commission’s lawsuit announcement.