Ripple’s XRP is going through a very difficult period like the U.S. SEC was playing the spoilsport. Earlier today, one of the largest crypto exchanges in the world, Coinbase announced that it would suspend XRP trading from 19 January 2021. The decision comes in the sense of the SEC clapping a $.13 billion complaint over the suspected selling of unregistered XRP securities.
Ripple’s XRP plunged another 20 percent to $0.22 with a market cap of $10.3 billion. The price of the XRP was more than 50 percent on the weekly charts and there’s no end to its path south. With the current market crash, XRP has lost all of its profits over the last two months.
Surprisingly, the year-to-date returns of XRP also went negative after today’s downturn. This makes XRP the only top ten cryptocurrency to have negative returns so far in 2020. Soon after the announcement of Coinbase, another successful crypto trading site, Crypto.com, went a step further announcing the full delisting of XRP from its platform.
The official announcement from Crypto.com reads:
“Effective January 19, 2021 at 10am UTC, XRP will be delisted and trading suspended from the Crypto.com App in the U.S. U.S. based customers won’t be able to deposit XRP into the Crypto.com App as of January 19th, 10am UTC. Withdrawal of XRP from the Crypto.com App will not be affected”.
U.S.-based Crypto.com customers with XRP Earn deposits will have their XRP tokens unlocked and deposited in their crypto wallet by December 29. However, the platform will continue to support the distribution of Spark (FLR) tokens scheduled for the first half of 2021.
The main issue that currently emerges is whether other major exchanges will also detach XRP from their network. So far, the announcement has been made by two great giants – Bitstamp and Coinbase. Both eyes are on Binance at the moment. Brad Garlinghouse, CEO of Ripple, has promised that the company will protect its position against the SEC lawsuit with all its might.
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