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There are three large transfers of XRP made by Coinbase and Bitstamp, while it lost spot three to Tether again after the lawsuit news

According to Whale Alert, two major cryptocurrency exchanges are transferring massive amounts of XRP, up to 82 million tokens, executed by Coinbase and Bitstamp in just over 10 hours.

Two major digital exchanges such as Coinbase shifting a gargantuan amount of XRP: 82 million XRP

Whale Alert has published details of three major transactions bringing in cumulative 82 million XRP tokens, worth $ 18.5 million. About 60 million XRP has been transferred by Coinbase between its wallets. Bitstmap has moved 22 million XRP to monitoring service BitGo.

there-are-three-large-transfers-of-xrp-made-by-coinbase-and-bitstamp

Luxembourg-based Bitstamp announced the suspension of XRP trading on its platform. Coinbase, the largest US-based cryptocurrency exchange, also settled with its users that they would cease trading with XRP starting Jan. 19, 2021.

After Coinbase announced in its blog post that it intends to suspend XRP trading due to the SEC lawsuit on December 21, the third-largest cryptocurrency has lost another 22%, falling to zero. 22 dollars.

Bitstamp has also announced earlier that they have suspended trading of XRP pairs, as well as OKCoin, Crypto.com, and several others. This Coinbase announcement also moved XRP from the digital currency 3 by market cap to number 4, according to CoinMarketCap. USDT has now taken 3rd place, as it did twice before this year.

XRP holders will still be eligible for their Flare Networks airdrop despite Coinbase suspend trading of XRP

A few hours ago, Coinbase announced that it would suspend XRP trading on the platform due to the recent SEC lawsuit against Ripple. According to the official announcement, XRP trading pairs will switch to “limit only” starting December 28 at 2:30 p.m. PST. A complete suspension of XRP trading will be made on January 19, 2021, at 10 a.m. Pacific Time.

Suspension of transactions will not affect client access to XRP wallets which will remain available for deposit and withdrawal functionality following the suspension of the transaction.

Additionally, XRP investors who stored their funds on Coinbase in the Flare Networks snapshot on December 12 will still be eligible for the Spark Token (FLR) airdrop scheduled for early next year. Further, customers will remain eligible for the previously announced Spark airdrop. Coinbase will continue to support XRP on Coinbase Custody and Coinbase Wallet.

The fact that foreign exchanges have now started delisting XRP is not a good sign. There is a very high chance that Coinbase will delist or suspend trading soon, which will obviously have a major negative impact on XRP. This can become very annoying before it gets better.

Returning to Coinbase’s announcement of the suspension of XRP trading, the team at the exchange made it clear that the digital asset will still be supported on Coinbase Custody and Coinbase Wallet.

It is therefore prudent to assume that Coinbase will likely take a ‘wait and see’ approach regarding the SEC lawsuit against Ripple in anticipation of a possible favorable outcome.

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