XRP Up 5% Despite Binance US and Genesis Trading Planning to Suspend XRP Trading

Despite two more firms announcing that they are going to halt XRP trading in the near future, the XRP price has surged over 5% in the past 24-hour period.

On December 22, the U.S. Securities and Exchange Commission (SEC) announced that it had “filed an action against Ripple Labs Inc. and two of its executives, who are also significant security holders, alleging that they raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”

Since then, several companies have halted support for XRP:

Well, yesterday, two more firms joined the exodus.

First, according to a report by Coindesk published on Wednesday (December 30), Genesis Trading, a subsidiary of Digital Currency Group (DCG), is suspending XRP trading and lending.

The Coindesk report says that with regard to XRP trading, clients can only trade XRP until 15 January 2021, after which only withdrawals will be permitted.

As for XRP lending, Genesis told Coindesk that it is “calling all loans and that all fixed-term loans that mature on or after Feb. 1, 2021.”

However, for now, its XRP derivatives markets are being left alone.

Second, yesterday (December 30), Binance US said in a support notice that it is going to delist XRP:

“Effective Wednesday, January 13, 2021 at 10am EST, XRP will be delisted from Binance.US. XRP trading and deposits will be suspended. 

“Binance.US users will not be able to deposit XRP as of January 13, 2021 at 10am EST. XRP withdrawals will not be affected at this time. Please note: XRP withdrawals require a Tag/Memo. Click here to learn more. If you have recently purchased XRP with funds deposited via ACH/Debit Card, your funds will be available to withdraw after this holding period expires…

“Delisting will not affect users from claiming their Spark (FLR) Token Distribution in 2021.  Further details will be provided for how to claim distribution.“

According to data by CryptoCompare, currently (as of 08:53 UTC on December 31), XRP is trading at $0.2160, up 4.96% in the past 4-hour period:

Featured Image by “vjkombajn” via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.