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Wednesday, March 29, 2023

Cryptocurrency XRP in Free Fall As Exchanges Delist Coin

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XRP also known as Ripple continued its plunge after Coinbase became the latest U.S. crypto exchange to remove the world’s fourth-biggest coin in the wake of an SEC lawsuit against Ripple Labs Inc.

XRP tumbled 37 percent Tuesday, bringing its drop to 60 percent in the week since United States securities regulators accused Ripple of issuing more than $1 billion in unregistered tokens.

Coinbase said Tuesday that it will fully suspend trading XRP on Jan. 19, but will continue providing custodial services for clients.

Customers will find it increasingly difficult to trade XRP after the largest exchange joined Bitstamp in delisting the token.

The Securities and Exchange Commission (SEC) said in last week’s suit that Ripple raised more than $1.4 billion through the sale of XRP without first registering it as a security with the agency, creating “an information vacuum” that mislead investors.

San Fransisco-based Ripple has denied the allegations.

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