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More trouble for XRP as OKCoin and Coinbase plans to suspend trading

Saudu Clement
Saudu Clement

It appears XRP’s woes are far from over as Coinbase becomes the latest exchange hint on suspending XRP trading activities. This is coming a few hours after OKCoin announced that it was suspending XRP deposits and trading beginning on January 4, 2021.

As a backstory, the U.S. Securities and Exchange Commission (SEC) filed an official lawsuit on December 22 against Ripple Inc. and its executives for raising $1.3 billion from the sales of unregistered securities. Following the announcement, the price of the digital asset has plummeted while a few exchanges have either suspended XRP trading or delisted the asset entirely.

According to a blog post from Coinbase, the exchange said that starting from December 28, XRP trading will move to limit-only. Furthermore, the asset will be “fully suspended on Tuesday, January 19, 2021,” the blog post reads. On the flip side, the exchange will still support XRP on Coinbase Custody and Coinbase Wallet.

Meanwhile OKCoin, another popular exchange had a few hours earlier told its customers that XRP trading will be suspended from January 4, 2021. They cited the recent issue with the US watchdog.

As the lawsuit proceedings take place, we have determined it is the best course of action to suspend XRP trading and deposits on OKCoin effective January 4, 2021.

The future of Ripple is laced with a lot of uncertainties. Less than a week ago, the crypto community celebrated the naming of pro-crypto commissioner Elad Roisman as the new SEC chairman. No one knows if the new chairman will upturn the move by his predecessor.