Crypto token XRP falls as much as 31% after Coinbase says it will halt trading following SEC complaint against Ripple – Business Insider

Crypto token XRP falls as much as 31% after Coinbase says it will halt trading following SEC complaint against Ripple – Business Insider


A ripple coin stands on a table
A Ripple coin.

  • The cryptocurrency XRP fell as much as 31% on Tuesday after the trading platform Coinbase said it would suspend trading of it by mid-January.
  • Last week, the US Securities and Exchange Commission filed a complaint against the blockchain company Ripple over how it sells XRP.
  • XRP has lost about three-quarters of its value in six weeks.
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The cryptocurrency XRP fell as much as 31% on Tuesday after the trading platform Coinbase said it would fully suspend the digital token from its marketplace by mid-January. That followed a complaint from the US financial-markets regulator against XRP’s developer, Ripple Labs.

XRP was down 28% on the day, to about $0.2018, having fallen to a session low of $0.2011 earlier in the day. XRP has lost about 75% in value since hitting a two-year high in early November, when investors took advantage of a weaker US dollar to pile into cryptocurrencies.

The US Securities and Exchange Commission said on Wednesday that Ripple had effectively been running a $1.3 billion unregistered offering with its sales of XRP, which the regulator deemed a security and not a cryptocurrency.

“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform,” Coinbase said in a statement late on Monday.