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Coinbase delists Ripple’s token XRP

Photo of: Joseph Stone
by Joseph Stone

The U.S. exchange has withdrawn the Ripple XRP token from trading. On January 19, Coinbase will no longer offer it to users. Nevertheless, the XRP wallets will remain available for deposits and withdrawals.

This is an additional blow to Ripple. The coup de grĂ¢ce perhaps? Coinbase, a key player in the crypto world, announces in turn the suspension of XRP trading. This choice stems from the SEC complaint.

As of January 19, Coinbase users will no longer be able to buy or sell the token through the exchange. This is the official date. However, the withdrawal of the XRP could take place earlier, the company warns.

“Trading can be halted earlier if necessary to maintain market health parameters,” says Coinbase. But be careful though. This exchange policy does not mean a total ban on XRP.

For one thing, the suspension will not affect the next airdrop of Flare Network (FLR) Spark chips. Most importantly, Coinbase customers will not lose access to their assets and therefore to the XRP tokens in their wallets.

The XRP e-wallet deposit and withdrawal features will remain active after January 19,” clarifies the General Counsel. Coinbase will also continue to guarantee Coinbase Custody and Coinbase Wallet support for XRP, adds Paul Grewal.

For Ripple, however, the decisions of the major exchanges are weighing on the circulation and thus the price of XRP. In the last 24 hours, the token has lost more than 20% and on December 29th was trading below 20 cents.

This sinking is not only due to the suspension of Coinbase. The exchange was preceded by another major player in the market, namely OKCoin. On the platform, the suspension of the XRP will take place earlier. In addition, it will affect both trading and deposits as of January 4.

For various observers, after Coinbase should follow other key companies in the crypto universe. “You will soon see Kraken, Bittrex, Genesis, Grayscale and other members of the Crypto Rating Council also remove him from the list,” warns a user on Twitter.

The truth is that Grayscale may already have made up his mind. The crypto-actives manager would no longer accept new customers or suspend existing subscriptions. The Grayscale website also states that “the private placement of the Grayscale XRP Trust is currently closed.”