Ripple’s XRP and its uphill battle to recover from the SEC lawsuit driven sell-off.
In response to the SEC lawsuit announcement, a number of crypto exchanges and platforms have halted or plan to halt the trading and depositing of Ripple’s XRP.
The list continues to lengthen and more will likely join the ever-growing list in the coming weeks.
To-date, exchanges and platforms that have halted or plan to halt trading and depositing for U.S customers include:
Beaxy – Suspended trading until further notice. Withdrawals will remain enabled until further notice.
Binance – Delist on 13th January.
Bitstamp – Suspend on 8th January.
Bittrex – Removal on 15th January 2021.
Bitwise – Liquidated its XRP position under its own crypto index fund.
B2C2 – Suspended trading until further notice.
Coinbase – suspension to begin on 19th January 2021.
Crosstower – Suspended trading until further notice.
Crypto.com – suspension to begin 19th January 2021.
Galaxy Digital – Suspended trading until further notice.
Genesis – Suspension to begin 15th January 2021.
Jump Trading – Suspended trading until further notice.
OKCoin – Suspension to begin on 4th January.
OSL – Suspended trading until further notice.
Simplex – Simplex partners have blocked the purchase of Ripple’s XRP with Simplex integration. These partners include but are not limited, to Binance, Huobi, KuCoin, and BitPay.
Swipe Wallet – Delisting for U.S customers on 5th January.
Wirex – Exclude Ripple’s XRP.
Ziglu – suspension to begin on 12th January 2021.
The Ripple’s XRP Sell-off and Outlook
In response to the SEC lawsuit and the delisting and planned delistings, Ripple’s XRP has seen things go from bad to worse.
Just this week, Ripple’s XRP is down by 25.6%. Since November’s high of $0.78716, Ripple’s XRP has tumbled by 73.2% to $0.21101.
The pullback comes off the back of two impressive weekly gains of 65.7% and 35.59% in the run-up to the SEC lawsuit.
While Ripple’s XRP has recovered from a December low of $0.17208, downward pressure remains. Delistings by more exchanges will further reduce liquidity and spur more panic selling.
According to reports, it may take some time for Ripple Lab – SEC battle to conclude. The high degree of uncertainty will be another cause for concern for Ripple’s XRP investors.
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