XRP Price Downs 38 Percent as Coinbase and Okcoin plans to halt trading amid SEC lawsuit.

By: Mark Jessy

December 30, 2020 11:23 AM

XRP price downs 38% as Coinbase and Okcoin plans to halt trading amid SEC lawsuit.

Ripple (XRP) loses more support as Coinbase becomes the latest cryptocurrency exchange to discontinue trading.

The price of 4th most traded cryptocurrency experience a serious bloodbath loosing over 35% after the announcement from Coinbase's. 

Paul Grewal, Coinbase’s chief legal officer wrote via a blog post. 

"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. "

Same blog post further read, that trading suspension will not affect customers’ access to XRP wallets which will remain available for deposit and withdraw functionality after the trading suspension.

We will continue to monitor legal developments related to XRP and update our customers as more information becomes available.

Exchanges that continue to list XRP without registering as a securities exchange with the SEC face potential consequences down the line, including possible enforcement actions. However, should Ripple prevail in its defense, Coinbase can likely re-list XRP fairly easily as well as any other who had delisted it.