Friday, May 14, 2021

XRP Trading to stop on Coinbase crypto Exchange

It is currently an unpleasant moments for XRP as it dropped 20% in value. As at the time of this report, XRP is trading at $0.226184 with a daily trading volume of $9,124,702,877. It has been down 19.48% in the last 24 hours.

Coinbase also recently announced that it wouldn’t allow XRP trading on its platform. This is in response to the United States Securities and Exchange Commission taking legal action against Ripple. According to a statement released by Coinbase’s Chief Legal Officer, Paul Grewal;

  • Coinbase disclosed that it was suspending XRP trading starting from January 19 at 10:00 am PST.
  • Coinbase further explained that “XRP trading may be stopped earlier as needed to maintain the exchange’s market health metrics.
  • In addition, the suspension will reportedly not affect Ripple-backed Flare Network’s upcoming Spark (FLR) token airdrop.

The report assures its users that Coinbase remains resolute in protecting the interests of customers in the ever-changing financial ecosystem.

Related: Bitcoin Price hits a new all-time High of $22,900

“Coinbase remains committed to being the most trusted platform for trading cryptocurrency. We strive to provide our customers with access to a broad set of assets, all of which are evaluated against our Digital Asset Framework to access factors like security, compliance, and the project’s alignment with our mission of creating an open financial system for the world. We take seriously any decision to change our customers’ access to one of those assets.”

XRP Price Crash

The XRP price crash happened as a result of a lawsuit against Ripple by the US Securities and Exchange Commission (SEC). Ripple is accused of raising more than $1.3 billion through an “unregistered securities offering” after selling their cryptocurrency XRP.

The price crash has led to a decline of more than 42% and now sits at just $0.27.

The lawsuit which states that XRP is a security not currency. It also claims that Ripple’s former CEO and founder Christian Larsen and its current CEO Bradley Garlinghouse violated securities laws by selling the crypto over a seven-year period starting in 2013.

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