XRP trading suspended on Coinbase

Illustration for the article titled Coinbase Leaves Ripple to Twist in the Wind

Photo: Jack Taylor (Getty Images)

Ripple’s difficult few days only got worse. To the fintech company was the subject of A SEC lawsuit over its flagship XRP token last week, Coinbase announced in a Tuesday blog post that trading on Ripple on its platform would be suspended.

According to the blog, fans of Ripple can continue trading the token in a limited capacity until the XRP suspension goes into effect on January 19th. Coinbase noted that this would not impede their customers’ access to their XRP wallets, nor would it deter them from using the same wallets for their daily deposits and withdrawals.

Get the trunk from the biggest digital currency exchange in the country is a reasonable rejection – and this is exacerbated by earlier coverage ban OKCoin and Bit stamp, two medium-sized currency exchanges that cut ties in the immediate aftermath of the SEC case. The value of XRP on Coinbase’s website has been in free fall over the past week, increasing more than half the valuation it held before the SEC spit came to light.

For those in need of a makeover, the SEC’s core claim was that Ripple had been selling XRP as a currency for the past seven years, when in fact it had to be classified. as security all the time, and subject to the types of public disclosures facing investors, which are required of securities so that investors can assess the risks involved. The SEC claims that over the past seven years that Ripple’s investors have been kept in the dark, the company has raised ‘at least’ $ 1.38 billion and continued to use the funds to stimulate business ‘without’ explain how he does it, ‘the SEC said.

In response to these allegations, Ripple CEO Brad Garlinghouse initially said defend XRP’s currency title in a series of tweets before it turned into a conspiracy sound chart claiming, among other things, that the Chinese government has some sort of control over fellow cryptocurrencies bitcoin and ether. We’ve released Ripple for comment and will update it when we hear it.