Ripple’s XRP tanks and support levels fail to kick in as news of Coinbase suspending Ripple’s XRP trading weighs.
Ripple’s XRP has seen things go from bad to worse. Falling from the number 3 spot by market cap, Ripple’s XRP now sits at number 4, with a market cap of $9.01bn.
The fall from grace has been rapid, with Ripple’s XRP seeing a tumble from a November high $0.78716 to a new December low $0.18675.Advertisement
After 4 consecutive days into the red going into this morning, Ripple’s XRP was back in the deep red this morning.
A first visit to sub-$0.20 levels since July has come off the back of the SEC lawsuit.
Investors continue to jump ship as exchanges dump Ripple’s XRP.
Ripple’s XRP was once the darling of the crypto world. After having made inroads into bridging financial institutions with blockchain, Ripple Lab now looks to be in doubt.
Following swift moves by Bitstamp and a number of other prominent exchanges, Coinbase is the latest to join an extending list.
On Monday, Coinbase announced that it would suspend the trading of Ripple’s XRP on 19th January.
Coinbase is the largest U.S exchange, by trading volume, to date to drop Ripple’s XRP, suggesting that more will follow.
A continued slide in liquidity doesn’t bode well for those hoping for a rebound. Much will now depend upon the SEC’s position and the outcome of the lawsuit.
At the time of writing, Ripple’s XRP was down by down by 19.35% to $0.19956. It could have been worse, with Ripple’s XRP visiting sub-$0.19 levels before finding support.