XRP Soars Over 50%; Despite Being Delisted From Exchanges With The SEC-Ripple Lawsuit

XRP Soars Over 50%; Despite Being Delisted From Exchanges With The SEC-Ripple Lawsuit

  • Voyager Digital becomes the latest crypto exchange to delist XRP trading from its platform.
  • The delisting carnage continues as the SEC lawsuit on Ripple Inc. strengthens.
  • XRP rose over 50% in the past 24 hours despite the delisting.

The cryptocurrency brokerage firm, Voyager Digital is the latest company to delist Ripple-led cryptocurrency, XRP, from their platform. In a statement from Voyager Digital, first reported by CoinDesk, the company will discontinue trading of XRP on its platform effectively from 18th January 2021 at 12 PM ET.

Customers holding XRP on Voyager will still be able to transact within the platform, maintain the XRP wallets, and withdraw their coins from the exchange after the delisting. The crypto broker follows a number of institutions that have already stopped trading services and delisted XRP as the lead development company, Ripple Labs, faces a lawsuit from the U.S Securities and Exchange Commission (SEC).

Bitwise Asset Management Fund announced on December 22 that they had liquidated all of their $9 million XRP position, representing 3.8% of their fund, and reinvested the funds to other crypto assets in its fund. The move was swiftly followed by seasoned crypto exchanges including the oldest crypto exchange Bitstamp, Coinbase, Crypto.com, OKCoin, Bitcoin Suisse, Binance US, Genesis, Abra, eToro, CEX, and Blockchain.com all announced delisting of XRP this month to “protect investors from trading an unregistered security.”

Swipe Wallet delisted XRP support for its US-based users on January 5th at 00:00 UTC. Deposits and trading of XRP will be disabled but users will still be able to withdraw their XRP but only till January 12th at 00:00 UTC.

Grayscale Investment recently announced they will be dropping XRP from its index funds after accounts with large amounts of XRP dropped sharply. The management fund gradually started emptying their XRP stash, cutting down on their XRP holding by over 25% on December 29th.

Partners to Ripple Inc. however reacted differently to the SEC lawsuit on the digital assets company – some standing in solidarity while others jumped ship. SBI Holdings, a massive Ripple Inc. partner, stated that they will continue trading XRP so long as the asset is not recognized as a security in Japan.

In contrast, Ripple’s partner, MoneyGram, distanced itself from the company and its On-Demand Liquidity (ODL) platform despite receiving millions of dollars in rewards for it. The statement from MoneyGram at the time read,

“[MoneyGram] does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise.”

Other companies that are still supporting the trading of XRP include Binance Global, Huobi, OKEX, and non-US-based crypto exchanges.

Despite the delisting of XRP from multiple platforms which caused carnage in its price movements, the coin has rebounded in the last 24 hours – trading 56% in a day, up at $0.35, it’s the highest price since the SEC lawsuit became public.

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Author: Lujan Odera

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