Ripple primed for another leg down after Coinbase officially suspends it for trading

• XRP price had a significant spike but plummeted within the next few hours.
• Coinbase has announced it will suspend XRP trading on January 19.

XRP was hit hard when the SEC decided to sue Ripple. Since then, the digital asset has crashed and lost close to 60% of its value. Several prominent exchanges announced they would halt XRP trading on their platforms including Coinbase. On January 19, one of the biggest cryptocurrency exchanges in the world, Coinbase, suspended XRP trading.

XRP price could be poised for another leg down

In the past two weeks, the trading volume of XRP plummeted and the digital asset has been trading sideways. Surprisingly, XRP price saw a significant spike from $0.289 to $0.33 but crashed shortly after.

XRP/USD 4-hour chart

The digital asset is currently trading at $0.30 and the TD Sequential indicator presented a sell signal on the 4-hour chart which seems to be getting some bearish continuation. The next price target would be $0.28 where the 100-SMA and the 50-SMA converge.  

XRP Holders Distribution chart

Additionally, the number of whales holding at least 10,000,000 XRP has declined even further from a high of 356 holders on December 25, 2020, to 300 currently. This metric shows that large investors are getting out of their XRP positions.