XRP cryptocurrency slumps 16% as Coinbase exchange moves to suspend trading

Cryptocurrency XRP slumped 16% on Tuesday after major U.S. virtual coin exchange Coinbase said it would suspend trading in the digital currency. XRP, the third-biggest cryptocurrency, fell to an intra-day low of $0.21. California-based Coinbase said on Monday it would suspend trading in XRP after the U.S. Securities and Exchange Commission last week charged associated blockchain firm, Ripple, with conducting a $1.3 billion unregistered securities offering.

Cryptocurrency XRP slumped 16% on Tuesday after major U.S. virtual coin exchange Coinbase said it would suspend trading in the digital currency. XRP, the third-biggest cryptocurrency, fell to an intra-day low of $0.21.

California-based Coinbase said on Monday it would suspend trading in XRP after the U.S. Securities and Exchange Commission last week charged associated blockchain firm, Ripple, with conducting a $1.3 billion unregistered securities offering. Ripple has rejected the charges, saying XRP is a currency and does not need to be registered as an investment contract.