Major cryptocurrency exchange Coinbase will suspend trading for XRP in response to the United States Securities and Exchange Commission taking legal action against Ripple. According to a blog post published today by Coinbase chief legal officer Paul Grewal, the exchange will fully suspend XRP trading starting on Jan. 19 at 1000 am PST. Coinbase clarified that trading may be halted earlier as needed to maintain the exchanges market health metrics. In addition, the suspension will reportedly not affect Ripplebacked Flare Networks upcoming Spark FLR token airdrop.
The U.S.based exchange is the largest so far to take a position on XRP following the Dec. 22 announcement that the SEC will charge Ripple, CEO Brad Garlinghouse and cofounder Chris Larsen with conducting an unregistered, ongoing digital asset securities offering.
Earlier today, crypto exchange OKCoin announced that it will suspend XRP trading and deposits beginning on Jan. 4. Bitstamp stated it will halt XRP trading for U.S. residents, while smaller exchanges including OSL, Beaxy and CrossTower announced they will take similar actions against trading the token.
Some crypto users are anticipating other exchanges falling in line like dominoes to delist or suspend trading of XRP now that a major player like Coinbase has taken a position on the token.
Following the Coinbase announcement, the price of XRP immediately dropped more than 10, falling from 0.28 to 0.25 at the time of publication. This is the latest in a…