Coinbase suspends XRP due to SEC lawsuit!

Coinbase suspends XRP trading

Ripple takes another hit as Coinbase announces they will be suspending XRP trading on their platform. This comes on the heels of the recent lawsuit made by the SEC against Ripple declaring they illegally raised funds by not filing the correct paperwork declaring themselves a security offering.

Coinbase has stated they will be suspending Ripple's XRP. Starting now, XRP trading “will move into limit only,” Coinbase wrote. It will be fully suspended on Tuesday, Jan. 19, 2021, at 1 p.m. ET.

Coinbase said users’ XRP wallets will “remain available for receive and withdraw functionality after the trading suspension.”

The exchange said it will still support an upcoming airdrop of Spark tokens to XRP holders. XRP will still be supported by Coinbase Custody and in the self-custodial Coinbase Wallet.

Coinbase has also stated that users’ XRP wallets will “remain available for receive and withdraw functionality after the trading suspension.”

Price

The price of XRP has dropped roughly 20% over the last few hours. A big drop right before this announcement which seems a bit odd, right? It seems like someone always gets to jump the gun on the bad crypto news.

It has already begun to rebound a bit. Personally, I bought a little on this dip. Flash dumps like this seem to have a nice rebound you can make a quick swing trade on. However, I do not recommend buying and holding for the long term.

However, I personally believe that this lawsuit is a bit frivolous and I hope for the sake of the crypto community and for the sake of my political and economic beliefs that it goes no where.

What are your thoughts on the recent Ripple/XRP news?

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