Major cryptocurrency exchange Coinbase will suspend trading for the XRP token in response to the U.S. Securities and Exchange Commission taking legal action against Ripple.
According to a blog post released today by Coinbase Chief Legal Officer Paul Grewal, the exchange will take place in full suspend XRP trading begins on January 19 at 10:00 am PST. Coinbase clarified that “trading can be stopped earlier if necessary” in order to preserve the health stats of the exchange.
“The trading suspension will not affect clients’ access to XRP wallets that will remain available for deposit and withdrawal functionality after the trading suspension,” Coinbase said. “We will continue to support XRP on Coinbase Custody and Coinbase Wallet.”
The US-based exchange is the largest so far to take a stance on XRP following the Dec. 22 announcement that the SEC would charge Ripple, CEO Brad Garlinghouse, and co-founder Chris Larsen, with running an “unregistered, ongoing offering of digital asset securities.”
Earlier today, crypto exchange OKCoin announced it would suspend XRP trading and deposits beginning on January 4. Bitstamp said it would stop XRP trading for US residents, while smaller exchanges, including OSL, Beaxy, and CrossTower, announced that they would be taking similar actions against trading the token.
After Coinbase’s announcement, the price of XRP immediately fell more than 10% from $ 0.28 to $ 0.25 at time of publication. This is the latest in a series of bearish moves for the token, the price of which is down 44% since the SEC announcement.
This story is under development and will be updated.