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Ripple price resists delisting

Ripple Lab

TL;DR Breakdown

  • Ripple price stays above $0.20 despite major crypto exchange firms delisting.
  • XRP enjoys support from Japan who refuses to classify it as a security.

Despite the large numbers of crypto exchange firms that have announced delisting Ripple‘s native token, XRP, the asset’s price has still managed to stay above the $0.20 level.

Binance US is the most recent crypto exchange to announce delisting XRP. According to the crypto exchange firm, it would suspend all transactions involving Ripple’s token from the 13th of January, 2021. As it stands, Binance has joined the long list of over ten crypto firms that have delisted XRP.

Many of these crypto exchanges have cited the impending Securities and Exchange Commission (SEC) litigation against Ripple as the reason for their action. Since then, Ripple price has crashed by more than 60% in the last week alone. However, a healthy support level was recently found at the $0.20 level.

Ripple Price Reacts Positively to Company’s Statement

In light of the recent suspension and delisting of its token by the different exchanges, Ripple has released a statement that says the SEC lawsuit is an attack on the crypto market. 

The company added that it would be standing up against this attack on behalf of the crypto community. 

Immediately after this news broke out, the Ripple price jumped by close to 20%. The token has also received some level of backing from Japan who has refused to categorize the asset as a security. 

Despite the negativity surrounding Ripple, its price has gained from the value increase that the crypto market has seen generally this December.

During this period, Bitcoin price has gotten to its all-time high, the price of Ethereum also broke its all-time high record. The overall market cap of the industry also got to $760 billion.

SEC litigation against Ripple

The SEC is filing a lawsuit against Ripple alleging that the crypto firm raised over a billion dollars through selling and distributing its native token without registering it.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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