Coinbase to suspend XRP (XRP, $0.215000) trading following SEC lawsuits against Ripple Labs
Coinbase announced that it will halt trading of the XRP cryptocurrency, after the Securities and Exchange Commission last week deemed it a security (versus a digital currency).
The largest U.S. cryptocurrency exchange said it will suspend trading of XRP in its market by mid-January. Last week, the SEC suggested that cryptocurrency exchange Ripple Labs raised $1.3 billion through its sale of XRP without registering it or applying for an exemption for seven years; if XRP is considered to be a security, traders are supposed to pay taxes on capital gains.
Coinbase said in a blog post that following the SEC’s lawsuit against Ripple Labs, it has decided to suspend the XRP trading pairs on its platform.
“Trading will move into limit only starting Dec. 28 and will be fully suspended on, Jan. 19 at 10 a.m. PST.”, Coinbase said. However, it also mentioned that that timing can’t be guaranteed.
Coinbase also mentioned that despite the halting of XRP trading, it will continue to support XRP on Coinbase Custody and Coinbase Wallet. That means, customers would still be able to avail deposit and withdraw functionality.
XRP.X in +5.62% Uptrend, advancing for three consecutive days on January 03, 2025
Moving higher for three straight days is viewed as a bullish sign. Keep an eye on this stock for future growth. Considering data from situations where XRP.X advanced for three days, in of 413 cases, the price rose further within the following month. The odds of a continued upward trend are .
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on January 01, 2025. You may want to consider a long position or call options on XRP.X as a result. In of 135 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
Bearish Trend Analysis
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 5 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
The Moving Average Convergence Divergence Histogram (MACD) for XRP.X turned negative on January 07, 2025. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 56 similar instances when the indicator turned negative. In of the 56 cases the stock turned lower in the days that followed. This puts the odds of success at .
Following a 3-day decline, the stock is projected to fall further. Considering past instances where XRP.X declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
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Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
