XRP was viewable on Coinbase Pro but was not tradeable, price rose above $1.24 then quickly dropped 10%
Reportedly, some users discovered that four XRP trading pairs, including XRP/BTC, XRP/USD, XRP/GBP, and XRP/EUR, were displayed on the Coinbase Pro mobile app. This news caused the price to increase rapidly by 12% within minutes. However, after the exchange corrected it, the price started to fall back to $1.13.
XRP/USD 4-hour chart | Source: TradingView
Coinbase Pro was quick to shut down the relisting rumors about XRP
The official Coinbase Pro Twitter channel also announced and clarified rumors that XRP is allowed to be re-traded on the platform as follows:
As previously announced, Coinbase has suspended trading in XRP. Due to a technical issue, XRP was temporarily viewable on the Coinbase Pro mobile app for some customers but was not tradeable.
— Coinbase Pro (@CoinbasePro) September 10, 2021
Today’s event can only prove one argument, the XRP Army is too strong, and the faith in Ripple’s native token is too great. The price of the seventh-largest cryptocurrency in the market jumped by almost 12% in just a few minutes as trading volume began to increase rapidly.
This was a FOMO war because the price and trading volume plummeted after Coinbase Pro quickly shut down the rumors. The reason is, as shared by Coinbase Pro, XRP is only temporarily viewable on the application due to a technical error, but users cannot trade the token.
After the U.S. The Securities and Exchange Commission (SEC) announced that it is suing Ripple alleging that XRP was unregistered security, Coinbase suspended the token trading on January 19th.
Ripple’s XRP has faced blowback from within the crypto ecosystem, and its price has crashed after the SEC filed a case against it. The complaint charges XRP’s backers with conducting an unlawful issuance of securities and personally profiting from the endeavor.
Not only Coinbase, but then many exchanges delisted XRP. However, Coinbase’s case is notable because it is the first major exchange to suspend XRP.
In recent days, as AZCoin News reported, Coinbase CEO Brian Armstrong revealed that the SEC had threatened to sue the exchange over a lending feature in a lengthy Twitter thread. As such, the XRP Army is now urging Coinbase to rely on XRP to show solidarity with Ripple and fight against the agency.
- Jed McCaleb Has Not Sold Any XRP Since Receiving The Latest Transaction From Ripple
- SEC Continues To Insist That The Legal Status Of Bitcoin Or ETH Is Not Relevant To The Ripple Case