Regulation in the crypto sector, though it is good, also has a crippling effect when it does not come at the right time. In what would be termed a ripple effect, which has seen many crypto exchanges delist XRP, Ripple is set to face the SEC.
The SEC ruling and subsequent lawsuit did not come at a good time, with all these activities telling off on the digital asset and its trading momentum. Ripple has been gradually going under since the lawsuit was first announced but suffered a major hiccup yesterday when it lost about 20% to trade at $0.20.
Bittrex joins other US-based crypto exchanges to announce delisting
Ripple’s recent future predictions do not look good. They are coming when several other crypto exchanges join previous ones to delist the coin or announcing a date to delist it. In what would be termed as a move to help their customers reduce their losses, crypto exchange, Bittrex looks like the next party to move onboard the XRP Delisting train in the crypto market.
According to a recent statement by the crypto exchange that houses its base of operation in the United States of America, trading XRP and its pairs would be removed from the platform from January 5, 2021. Even though the digital asset is trying to make a spirited surge in the market, the sell-off currently being witnessed is pushing the market in a bearish direction as it is presently trading under the $0.20 price region.
Even though Bittrex did not exactly mention why it would delist the digital asset, everything but points to the recent scuffle between the SEC and Ripple lawsuit. As it stands now, Coinbase and Bitstamp are cheerleading all other crypto exchanges across the United States as they have halted trading, intending to drop the digital asset in the coming weeks.
XRP chances of survival hang on Binance delisting
A recent report by analysis firm, Messari showed that traders and investors on Bittrex traded XRP/BTC and XRP/USDT pairs more, with the platform witnessing $5,453,357 and $3,643,279 daily transactions in the last few days. This news is not surprising as the SEC has already included a law that mandates crypto exchanges to follow any ruling that was released by the body.
Previously, the exchange needed to carry out a full background check on any asset that it is planning to list to determine whether or not the asset should be classifieds as securities or not. Also, Binance Swipe Wallet has said that its users would not carry out activities using XRP on the wallet starting from January 5. With this in mind, Binance US is expected to be the next crypto exchange that will deactivate trading XRP in its platform.
With the US arm of Binance touted to drop the digital asset in the coming days, users outside the United States have questioned whether or not Binance will drop XRP or continue to provide its users with the opportunity to trade the asset. If Binance goes ahead to drop XRP, it will pose a fatal blow to the chances of comeback that the digital asset might have as the exchange boasts nothing less than $813,994,664.
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