Cryptocurrency XRP Is in Free Fall With Exchanges Delisting Coin

XRP continued its plunge after Coinbase became the latest U.S. crypto exchange to remove the world’s fourth-biggest coin in the wake of an SEC lawsuit against Ripple Labs Inc.

XRP tumbled 37% Tuesday, bringing its drop to 60% in the week since securities regulators accused Ripple of issuing more than $1 billion in unregistered tokens. Coinbase said Tuesday that it will fully suspend trading XRP on Jan. 19, but will continue providing custodial services for clients.

Customers will find it increasingly difficult to trade XRP after the largest exchange joined Bitstamp in delisting the token. Coinbase customers can move it to another exchange, but it is growing more likely that the regulatory challenge will lead other U.S.-based venues to follow suit. Last week, the Bitwise 10 Crypto Index Fund (ticker BITW) liquidated its position in XRP, which comprised 3.8% of its holdings.