Coinbase to suspend Ripple XRP trading following SEC lawsuit
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Coinbase Inc. today announced that it will suspend trading on Ripple Labs Inc.’s XRP cryptocurrency following a lawsuit filed against Ripple by the U.S. Securities and Exchange Commission alleging that the cryptocurrency is an unregistered security.
The suspension of XRP trading is not immediate, though Coinbase has moved to restrict trading leading up to the ban. Effective of today, XRP trading is being moved into a status described as “limit only,” a mode on Coinbase that means traders can only place and cancel limit orders, a type of order to purchase or sell at a specified price.