XRP price fell 8% on Monday after cryptocurrency exchange and brokerage service, Coinbase said it will trade XRP on the 19th. the decision applies only to the retail platform and mobile apps, as the crypto unicorn continues to support XRP on Coinbase Custody and Coinbase Wallet.
This is the recent announcement of a major crypto platform to drop token listing in the wake of a SEC lawsuit bringing lawful action against Ripple and its executives.
XPR trading on Coinbase platforms, which have 40 million users worldwide and are preparing for an IPO, will only go to the limit from today and end on June 19.
“Given the SEC’s lawsuit against Ripple Labs, Inc.we have decided to suspend XRP trading pairs on our platform. We will provide additional updates, if necessary, through Coinbase support’s Twitter account, even if the schedule changes, ” the popular US stock exchange said.
Coinbase said the lockout would not affect customers ‘ access to XRP wallets, which remain available for deposits and withdrawals even after trading has stopped, the San Francisco-based platform pointed out in its recent update.
XRP holders in some countries can continue to benefit from next year’s airdrop, which offers Spark tokens proportionally one by one to their current stocks.
So far, three major exchanges, namely OKCoin, Bitstamp and Coinbase, as well as crypto market maker B2C2 and payment provider Simplex, have temporarily or completely suspended XRP trading.
Shortly after the SEC announced pays against Ripple, lesser-known crypto platforms such as OSL, Crossower, and Beaxy immediately suspended XRP trading and until further notice. In addition, crypto fund manager Bitwise liquidated its position in XRP, citing regulatory concerns.
The price of the XRP has risen from bucks 0.64 to bucks0.28 in less than a week, as traders and investors deal with the story.
Ripple is developing several blockchain-based solutions that enable cross-border money transactions between banks faster and inexpensive than current systems.
Some of the top 10 US banks, as well as other large fund transfer companies, are already using Ripple product for their payment services, including MoneyGram, Standard Chartered Bank, American Express and many others.Tags: Organisation, stocks, XRP Trading