XRP cryptocurrency tumbles as Coinbase exchange moves to suspend trading

The move by Coinbase comes as it prepares for a stock marketlisting, with a confidential application to the SEC to gopublic.

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Cryptocurrency XRP slumped 19% onTuesday after Coinbase, a major U.S. virtual coin exchange, saidit would suspend trading in the digital currency.

California-based Coinbase said on Monday it would suspendtrading in XRP after the U.S. Securities and Exchange Commission(SEC) last week charged an associated blockchain firm, Ripple,with conducting a $1.3 billion unregistered securities offering.

Ripple has rejected the charges, saying XRP is a currencyand does not need to be registered as an investment contract.

XRP, the third-biggest cryptocurrency, was last down 18.7%at an intra-day low of $0.20, its lowest since July.It has slumped by over half since the SEC move.


The move by Coinbase comes as it prepares for a stock marketlisting, with a confidential application to the SEC to gopublic. It would be the first major U.S. crypto exchange to liston the stock market.

Coinbase, one of the most well-known cryptocurrencyplatforms, said trading in XRP moved into limit only fromMonday, and would be fully suspended on Jan. 19.

Financial regulators around the globe are still grapplingwith how to regulate bitcoin, XRP and rival cryptocurrencies.Investors are watching for regulatory developments that coulddetermine whether cryptocurrencies leap from a niche to amainstream asset.

XRP, which often moves in tandem with Bitcoin,had rocketed in November to hit its highest level since 2018 asa rally in cryptocurrencies gathered pace.


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