Crypto.com has joined the growing list of exchanges delisting Ripple’s XRP token in response to the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs. The lawsuit alleges that Ripple conducted an unregistered $1.3 billion securities offering through XRP sales.
Why Are Exchanges Delisting XRP?
The SEC’s lawsuit, filed on December 22, 2020, targets Ripple’s executives—co-founder Christian Larsen and CEO Brad Garlinghouse—for their involvement in XRP’s distribution. Since then, multiple exchanges have suspended XRP trading to mitigate regulatory risks.
Key Developments:
- Crypto.com will delist XRP for U.S. users on January 19, 2021, halting trading at 10 AM UTC.
- Coinbase suspended XRP trading on January 19, 2021, shifting to limit-only orders before full removal.
- OKCoin halted XRP deposits and trading on January 4, 2021.
- Bittrex removed XRP markets on January 15, 2021.
XRP’s price plummeted 140% post-lawsuit, currently trading at $0.209976 (down 8.13% at press time).
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Impact on XRP Holders
Withdrawals and Deposits
- Crypto.com allows XRP withdrawals post-delisting.
- Coinbase advised users to monitor its Support Twitter for updates.
- OKCoin unlocked XRP Earn deposits, transferring funds to users’ wallets with accrued interest.
Market Reactions
- Coinbase’s announcement triggered a drop from $0.28 to $0.24.
- Wirex and Ziglu excluded XRP from U.S. services launching in January.
FAQs
1. Why is XRP being delisted?
Exchanges are preemptively complying with the SEC’s classification of XRP as an unregistered security.
2. Can I still withdraw XRP after delisting?
Yes, most exchanges (e.g., Crypto.com, Coinbase) permit withdrawals post-suspension.
3. Will XRP recover?
Market recovery depends on Ripple’s legal outcome and renewed exchange support.
👉 Explore alternative investment strategies during market volatility
Conclusion
The SEC’s action against Ripple has reshaped XRP’s market presence, prompting exchanges to prioritize compliance. Traders should monitor legal developments and exchange policies for further updates.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Consult a professional before making investment decisions.
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