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The fallout from Ripple’s legal case with the SEC continues for the embattled blockchain platform. Popular crypto exchanges Coinbase and Crypto.com have revealed suspension of XRP trading from January for all its users.
Difficulties Mounting for XRP
The wave of delisting and suspending XRP trading has continued to gain momentum. Coinbase announced yesterday that it had decided to suspend the trading of XRP on its platform. According to the exchange, all trading pairs of XRP will no longer be accessible from January 19, 2021.
Although the legal case between the SEC and Ripple technically concerns the US Market. Coinbase revealed that the suspension of XRP trading would be carried across its exchanges in different jurisdictions. The suspension of trading will not affect the functionality of portfolios containing XRP. Users will still deposit or withdraw XRP from their wallets even after January 19, 2021. Besides, users will remain eligible for the Spark token airdrop, subject to approval in certain jurisdictions.
Additionally, Coinbase will continue to support XRP for its custodial services and its native wallet. It is not surprising that Coinbase is taking such a decision due to the latest development in the crypto exchange. The company is preparing for its IPO, and this could have been a major problem with regulators.
At the same time, other exchanges have taken a similar approach and suspended XRP trading. Crypto.com and OKCoin have already revealed plans to suspend XRP trading for American clients. In the case of Crypto.com, the exchange released a press release detailing the delisting of XRP. Crypto.com further stated that the delisting would take effect on January 19, 2021.
XRP Price Collapses
The consequences of the recent delisting on the price of XRP are colossal. Although Coinbase’s decision was expected, XRP quickly fell after it was announced. The altcoin price fell by over 20% in the space of a few hours, going from $0.28 to $0.22, and is currently priced at $0.19.
The market cap of XRP has also fallen to $8.86 billion at the time of publication. This is in stark contrast to a month ago when the market cap was approaching $30 billion. XRP price could face further plunges as other exchanges are mulling delistings and suspensions. If major platforms like Binance or Kraken follow suit, XRP could quickly drop below $0.20.