XRP Crashes as Coinbase to Suspend Trading In January. The | Crypto LVL
XRP Crashes as Coinbase to Suspend Trading In January.
The fourth-largest cryptoasset, XRP, crashed to September lows after US-based major exchange Coinbase said it will join other trading platforms in suspending trading in this coin in January due to a recent regulatory crackdown on XRP-affiliated Ripple.
XRP trades at USD 0.2248 and is down by almost 21% in a day and 53% in a week. The price dropped by 63% in a month, trimming its gains over the past 12 months to less than 16%.
"We strive to provide our customers with access to a broad set of assets, all of which are evaluated against our Digital Asset Framework to assess factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world. We take seriously any decision to change our customers’ access to one of those assets," the company said.
Multiple trading plaftorms have already announced they're suspending XRP trading after the US Securities and Exchange Commission filed a lawsuit against Ripple.
OKCoin also announced that they will suspend XRP trading and deposits on January 4. "As the lawsuit proceedings take place, we have determined it is the best course of action," they added.
Also, Bitstamp announced it is going to halt all trading and deposits of XRP for their US customers on 8 January 2021 at 9 PM UTC.
Meanwhile, even major exchanges that do not offer trading services in the US market are keeping a close eye on the situation.
"The SEC's action against Ripple remains outside of our operating jurisdiction, but we are closely monitoring for new developments. As a brand rooted in trust, safety, and compliance, we respect and trust the due process of law. However, the safety of our users and their assets are of paramount importance so we will continue to assess the situation as the matter progresses," Ciara Sun, VP of Global Markets of Huobi Group.
As reported, the Huobi business group appears set to make a return to the United States a year after it hastily exited the country
