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Coinbase is ready to delist XRP

Coinbase to delist XRP
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The famous cryptocurrency exchange ‘Coinbase‘ will suspend XRP trading on January 19, 2021, at 10 AM PST. The announcement came today through the company’s website. Alongside many other crypto trading platforms, Coinbase is ready to delist XRP in response to the news of legal action against Ripple.

XRP is losing its appeal since the security and exchange commission of the United States filed a lawsuit against Ripple on December 22nd, 2020. As a consequence of this, the price of the coin kept fluctuating during last week and continues to do so. In the last 24 hours, the price of XRP has plummeted 31%. Many exchanges and platforms have halted the trade of XRP.  Coinbase has also delineated the plan to suspend XRP trading in a blog today. The company’s chief legal officer Paul Grewal wrote,

Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time.

Coinbase’s announcement has made headlines across the crypto news market. The US-based exchange is one of the biggest so far to delist XRP.  Other small exchanges like OKCoin and Bitstamp have already made statements of suspending trading in XRP. All eyes are set on the legal ruling of the US court against Ripple. SEC has charged Ripple’s CEO and Co-founder with an “unregistered, ongoing digital asset securities offering“.

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What is Next for XRP?

Now that Coinbase is ready to delist XRP, some of the famous exchanges such as Kraken, Bittrex and Grayscale are likely to follow the suit. The investors have already backed off from investment in the coin.  A crypto trader Scottmelker wrote on Twitter,

Trading $XRP right now is equivalent of buying Enron in 2001. Why even bother or take the risk?

XRP’s case is a reminder that governmental decisions can still have repercussions for crypto start-ups. Hence invest wisely and keep an eye on industry-related news.

To understand the difference between Bitcoin and XRP, read our blog here.

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