The lawsuit between Ripple and the United States Securities and Exchange Commission so doing more harm than good to the digital asset. Even in the face of several assurances from a few exchanges across and outside the country, XRP looks poised for more decline as the days progress.
The news went around yesterday when Uphold, a crypto exchange, released a memo stating that it would continue to allow XRP trades and would not take any action until a verdict is passed on the case. With several crypto exchanges joining Uphold, it looks like a famous crypto exchange has chosen to be against that notion.
Blockchain.com sets January 14 as the deadline day
According to a recently released statement by Blockchain.com, a crypto exchange in the country, XRP trades would henceforth be suspended. The full statement that can be found on the official website of the crypto exchange mentioned that traders and investors have until January 14 to finalize their trades of XRP on the platform before it is officially delisted.
The firm also noted that their customer’s access to XRP would be streamlined as they would only be allowed to get rid of the XRP in their wallets, but they would not be allowed to receive them when the stated period kicks into effect. Notably, this recent development is coming off the back of the lawsuit with Blockchain.com among a few of the crypto exchanges that would not want a sanction from the United States SEC.
The Securities and Exchange Commission slammed the lawsuit on Ripple late last year, accusing the remittance payment company of selling unlicensed and unregistered tokens since inception in 2013. The regulatory agency says that the remittance company would have to pay a fine of nothing less than $1.3 billion in penalties for their actions.
XRP trying to make price surge despite delisting
In the filed complaint, the SEC also mentioned that Ripple failed to clearly explain to its investors and traders that they were buying before they sold it. Blockchain.com is the latest in the long list of companies that have either delisted or suspended trades of XRP on their platforms. Crypto exchanges like Binance US, Coinbase, and Bittrex have come forward earlier in the year to announce the suspension of trades of XRP on their respective platforms.
While others choose to be against Ripple in the lawsuit, traders and exchanges outside the US have shown their staunch support for the digital asset and its company. XRP has reacted drastically to the lawsuit, with the digital asset first witnessing a massive bullish run days after the lawsuit was announced.
Before the lawsuit, XRP prided itself as the third digital asset in the crypto market according to market capitalization but has now lost its place and barely hold on to the fifth position in the market. Presently, XRP has made a small upward run to trade at $.022, which is good considering it traded around $0.20 some days ago.