Ripple price dips over 10% as Coinbase denies relisting XRP

Key Ripple Takeaways

• Coinbase denies rumours that it is relisting Ripplle’s XRP on its exchange
• The price of XRP surged by over 13% owing to the excitment, before dropping again by 10%.
• Coinbase joins Ripple Labs in facing the SEC’s

YEREVAN (CoinChapter.com) – Coinbase denied rumors of re-listing Ripple’s in-house token XRP, causing the price of the controversial crypto to fall. 

On September 10, traders noticed XRP trading pairs started to appear on the Coinbase Pro mobile app. That caused the Ripple price to rise as the bulls thought the exchange had decided to restart trading in the XRP. 

However, Coinbase dismissed all excitement in a matter of minutes. 

Through a tweet, the exchange clarified that it had not relisted Ripple on its network.

According to CoinbasePro’s notice, XRP was temporarily viewable on the Coinbase Pro mobile app “due to a technical issue.”

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

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Ripple (XRP) remains suspended on Coinbase

Coinbase suspended trading in XRP on its platform on January 19 following allegations by the U.S. Securities and Exchange Commission (SEC) that the cryptocurrency was unregistered security.

The regulator proceeded by filing a lawsuit against Ripple Labs, the company behind the XRP launch. 

Coinbase was not the first or the only financial service to make a move against Ripple. Others, including Crypto.com, OKCoin, Abra, eToro, Binance US, and Bitstamp, also delisted XRP following the SEC’s alert.

As the markets opened to the news that XRP is possibly returning to Coinbase, the price took off over 13 percent, touching the $1.24 mark.

However, the tweet put out by the exchange sent the price of Ripple down by over 10 percent, as the XRP/USD four-hour chart reveals.

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Ripple welcomes Coinbase to the SEC-organised party

When Coinbase suspended Ripple, it perhaps did not expect to be the subsequent victim. However, the company recently revealed that the Securities Exchange Commission is threatening it with a lawsuit.  

Brian Armstrong, Co-Founder and CEO of Coinbase, hit back at the SEC, calling their actions “sketchy behavior.”

In response, supporters of Ripple encouraged the company to relist XRP to show that the industry stands together. 

I think this would be a good time for Coinbase to publicly recognize that the SEC is overstepping and make the leap and realist XRP. Yes, you may face a lawsuit, but it’s time the crypto industry stand together and support each other. I stand with Coinbase and Ripple https://t.co/K94PwGOWLz

— Jesse Hynes (@jesse_hynes) September 8, 2021

The fans were not the only ones that responded. 

Brad Garlinghouse, the CEO of Ripple, used humor to react to the news. 

Sharing a meme GIF, he wrote, “Welcome to the party, pal.”

From siding with the SEC against Ripple to being its possible victim, it was a short road for Coinbase. 

https://t.co/8NupQPMBaT pic.twitter.com/SO5QDqdrMY

— Brad Garlinghouse (@bgarlinghouse) September 8, 2021

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Angry users

As the exchange tweeted technical glitches, Twitter exploded with angry fans complaining that they could not access their funds. According to them, Coinbase had held thousands of dollars of customers’ money and was not allowing them to withdraw. 

Release my ten thousand dollars you've held hostage for a day now. Coinbase tweeted bring inbound transfers so I did. This is not ok. Zero explanation. Coinbase messed up not us. Release my funds. pic.twitter.com/n8kV60ae6s

— digital dystopia (@Bigmetalballs) September 10, 2021

In the meantime, Ripple will need the bulls to step in fast to prevent it from closing below support.