On December 29, Us-Based digital asset exchange Coinbase said it would suspend trading in XRP (SRP). Meanwhile, according to foreign media reports, crypto exchange OKCoin announced that it would suspend trading and deposits in XRP following news that the US Securities and Exchange Commission would take legal action against Ripple.
According to Coinbase, the trading restrictions will begin at 14:30 GMT, with a full trading halt on January 19 at 10 a.m. The trading halt will not affect customers’ access to XRP wallets, which will still be able to take in and withdraw money after the trading halt. XRP prices fell from $0.28 to near $0.23 after the announcement. XRP prices have fallen more than 50% since the SEC filed its case last week. However, Coinbase has only suspended XRP transactions, which does not affect customer access to XRP wallets, and XRP will continue to be supported in Coinbase Custody and Coinbase Wallet.
Like Bitstamp, which suspended trading in XRP, Coinbase is taking a wait and see approach, following the XRP/SEC case and possibly making changes later.
If XRP is identified as a security, and Coinbase does not apply for the permission of online trading XRP and still offers XRP trading, then it is not in compliance. Then the removal of the listing is the simplest way to avoid risk. So despite Coinbase’s hesitation, the decision was finally made.
Coinbase has a huge global influence. Just look at the Coinbase Pro effect. So Coinbase pulling XRP is definitely a big deal. XRP’s reputation will plumb further. The trading volume of XRP in Coinbase is also not small, accounting for 8% in the first two days, ranking top, which is not small. If Coinbase did pull XRP, it would be a big blow to XRP’s liquidity.
And that’s not the only bad news for XRP. OKCoin is also preparing to suspend trading in XRP, and crypto asset manager 21Shares removed XRP from its ETP product.
OKCoin, for its part, said its “best course of action” in response to the recent SEC lawsuit would be to suspend trading and deposits in XRP. Users who had previously borrowed XRP or US dollar deposits were also required to return them by January 3. “Any overdue payment will trigger a liquidation of our system to end the loan contract,” the exchange said.
Today, XRP was also announced on Coinbase that it was removed from the market and it went into plunge mode again, down 20%. Did you think that was the end of the story? The fallout from XRP being sued by the SEC is almost over, right? That might be easy again. Just now, at 10:13 am, another XRP app, Cryto, came out. The impact of the SEC lawsuit against XRP is still being felt. In the future, more and more exchanges, institutional investors or distributors will stop working with XRP.
So do you think the XRP is out of business? Can you buy the bottom after falling so much? Look at other mainstream coins have begun to pull, ripple has fallen so much is it cool down to a large rebound?
At the time of writing, XRP was trading at $0.21.
This content is for the purpose of exchange and reference only, not as the basis for investment, investment consequences, please carefully screen risks, rational investment.
