XRP Price Tanks Another 20% As Crypto.com Joins Coinbase On Suspending XRP Trading

By Bhushan Akolkar
December 29, 2020 Updated December 29, 2020
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Courtesy: Bitcoin.com

Ripple’s XRP is going through a very rough phase as the U.S. SEC has played the spoilsport. Earlier today, one of the biggest crypto exchange Coinbase announced that it shall be suspending XRP trading starting January 19, 2021. The decision comes on the backdrop of the SEC slapping a $.13 billion lawsuit for the alleged sale of unregistered XRP securities.

Ripple’s XRP has crashed another 20% dropping to $0.22 with a market cap of $10.3 billion. The XRP price has tanked more than 50% on the weekly charts and there’s no stop to its journey southwards. With the latest price crash, XRP has lost all its gains over the last two months.

Surprisingly, XRP’s year-to-date returns have also gone negative after today’s drop. This makes XRP the only top-ten cryptocurrency to have negative returns so far in 2020. Soon after the Coinbase announcement came, another popular crypto trading platform Crypto.com went a step further announcing absolute delisting of XRP from its platform.

The official announcement from Crypto.com reads:

“Effective January 19, 2021 at 10am UTC, XRP will be delisted and trading suspended from the Crypto.com App in the U.S. U.S. based customers won’t be able to deposit XRP into the Crypto.com App as of January 19th, 10am UTC.  Withdrawal of XRP from the Crypto.com App will not be affected”.

Crypto.com’s U.S-based customers with XRP Earn deposits will have their XRP tokens unlocked and further deposited to their crypto wallet by December 29. However, the platform will continue to support Spark (FLR) token distribution scheduled for the first half of 2021.

The biggest question that currently arises is whether other major exchanges will also drop XRP from their platform. So far, two big giants – Bitstamp and Coinbase – have made the announcement. All eyes are currently on Binance. Ripple CEO Brad Garlinghouse has assured that the company will be defending its stand against the SEC lawsuit with all possible might.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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