Oldest Crypto Exchange Bitstamp to Suspend XRP Trading & Deposit on Jan. 8
This is yet another strike against XRP whose price rallied over 80% after the losses this week.
Another platform has joined the ranks of cryptocurrency exchanges suspending XRP trading.
The latest is the oldest exchange and one of the biggest names in the crypto market, Bitstamp.
The exchange will halt XRP trading deposits only for US customers, to be effective on January 8, 2021, at 9 PM UTC. The US-based users of the exchanges, however, are still able to withdraw XRP XRP 1.53% XRP / USD XRPUSD $ 0.75
$0.011.53% Volume 2.45 b Change $0.01 Open $0.75 Circulating 46.31 b Market Cap 34.81 b 2 d Ripple Teams Up with SBI To Launch First On-Demand Liquidity Service In Japan 5 d SWIFT Takes Swipe At Ripple With A Cheaper Cross-border Payment System 1 w 50% of Family Offices Wants to Invest In Cryptocurrencies: Goldman Sachs Report from Bitstamp.
Non-US customers are unaffected.
The decision was made in the light of SEC filing against Ripple, “which alleges that XRP is a security.”
“We will closely follow the unfolding situation and continue to adapt accordingly,” said the exchange on December 25th.
Unlike Beaxy and CloseTowers which are small exchanges, Bitstamp is a known exchange that manages more than $500 million in daily trading volume. In 2020, XRP actually accounted for 18% of Bitstamp’s trading volumes.
Another big US-based crypto exchange Coinbase is speculated and rumored to halt XRP trading as well. Meanwhile, Bitwise Asset management has already liquidated its $9.3 billion worth of XRP position while the Asia-based OTC desk also suspended XRP trading.
After losing more than 63% of its value in the week, going as low as $0.21 on Thursday and taking the entire altcoin market down with it, yesterday XRP jumped more than 80% to as high as $0.38.
At the time of writing, XRP/USD has been trading at 0.304 while managing $2.31 billion in trading volume over the past 24 hours, higher than Ether’s $1.44 billion volume.
With a market cap of $10.84 billion, XRP is currently holding the fourth spot in the crypto market.