Grayscale Cuts Down its XRP Holdings to Over 25%; Bittrex & Swipe Removes the Crypto Asset

2020-12-30 17:23

Cryptocurrency exchange Bittrex has announced the removal of XRP markets on January 15th, 2021 at 4 PM (PST). The markets to be removed are BTC-XRP, ETH-XRP, USDT-XRP, and USD-XRP.

Customers will still have access to their XRP wallets after the markets are removed, that is “until further notice.”

Swipe Wallet is another one that is delisting the digital asset for its US-based users on January 5th at 00:00 UTC. While deposits and trading of XRP will be disabled, users will still be able to withdraw their XRP but only till January 12th at 00:00 UTC. After this, even XRP Wallet will be disabled for USA users.

This long list of crypto service providers has already dropped their support after SEC sued Ripple and its top two executives now include Coinbase, OKCoin, Crypto.Com, Bitstamp, OSL, CrossTower, Beaxy, Jump Trading, Galaxy, B2C2, Bitwise, 21Shares, Bitcoin Suisse, and Simplex.

Grayscale has also started emptying its XRP stash.

A big jump in the largest crypto asset manager’s XRP holdings was seen on Nov 10th when it increased from 26.46 million XRP to 32.04 million XRP then on Dec. 1st another uptick to 35.65 million. But it declined today to 26.46 million, which means the latest 9.19 million XRP accumulation has been liquidated, as per Bybt data.

All the exchanges that serve US customers are taking this step which is to be expected. Those platforms that do not serve the US-based residents like Binance which accounts for the biggest share of XRP trading, are unlikely to follow suit.

However, today even Indonesia-based crypto exchange Indodax informed its users of the risk of XRP getting delisted “in connection with the United States Securities and Exchange Commission (SEC) lawsuit against Ripple Labs, Inc which was deemed to have violated the regulations regarding securities.”

For now, so many delistings have caused the price of the crypto asset to crash hard.

Yesterday, XRP/USD tanked to $0.169, a level last seen in Sept. 2017.

“XRP has simply become un-investable for any non-retail investor. The SEC enforcement action is one thing but the liquidity drain is a bigger issue,” said a partner at crypto fund, The Spartan Group.

According to Stani Kulechov, founder and CEO of popular DeFi project Aave, these XRP delistings from major exchanges will be a stress test for CeFi lending services. “Decreasing liquidity on exchanges would result in increased liquidity risk already on top of current market risk volatility,” he said.

It has only been in November that XRP finally started pumping after topping out in early January 2018. But XRP bagholders couldn’t even rejoice in the gains for even a month that the news of SEC’s lawsuit ended up crashing the price of the crypto asset by nearly 79%.

XRP/USD XRPUSD 0.2304 $0.04 16.92% Volume 12.32 b Change $0.04 Open$0.2304 Circulating 45.4 b Market Cap 10.46 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=XRP&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~XRP~USD"); The post Grayscale Cuts Down its XRP Holdings to Over 25%; Bittrex & Swipe Removes the Crypto Asset first appeared on BitcoinExchangeGuide.

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