Genesis Trading, a popular crypto trading and lending platform, sent its customers a warning email informing them that they are halting XRP trading and lending due to the SEC security lawsuit against Ripple and two of its executives . The trading platform informed customers on its platform that they have suspended all XRP trading services while they would have until Jan 15 to sell their XRP stake if there is enough liquidity for the token.
Genesis joined the growing list of crypto platforms to get all XRP-related services off their platform over XRP’s security allegations. Yesterday Coinbase, OKCoin and Bittrex announced the delisting of the XRP token.
XRP Future remains uncertain as its price skips the nose
The XRP award was massively accused after security and filed by the SEC against parent company Ripple Labs and two of its senior executives. XRP lost its long-standing third place to Tether and later Litecoin turned it over to fourth place. The lawsuit against the SEC against Ripple is set to begin the trial with a conference on February 22nd. However, more than 10 crypto platforms have already deleted XRP from their platform in fear of the SEC taking action.
The XRP token has already lost 80% of its market capitalization within a week of the lawsuit, and as more and more exchanges delist the token, it is almost no longer tradable. Many fear that XRP will soon lose liquidity due to mass delisting and will no longer exist regardless of the outcome of the lawsuit.
Ripple in its defense has claimed that the SEC’s action would cause undesirable problems for hundreds of its investors and called for the unity of the crypto community. While some crypto exchanges and partners like SBI Holdings expanded their support to the crypto community, many Bitcoin proponents who warned about Ripple’s pump and dump from XRP felt that their claims had come true.
I have never seen a diagram like this in Crypto. https://t.co/x0nEZPjJUp pic.twitter.com/VknnIbFSIA
– Ryan Bitcorn Selkis (@twobitidiot) December 29, 2020
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The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
About the author
As an engineer, Prashant studies the British and Indian markets. As a crypto journalist, his interest lies in the introduction of blockchain technologies in emerging economies.