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Another Blow for XRP! How Long Can Ripple last?

Bittrex announced lately that it will remove XRP, a week after the US Securities and Exchange Commission charged Ripple Labs with raising $1.3B by selling the coin in unregistered securities sales.

XRP’s market cap dropped by 66% ever since the SEC announced the charges last December 22. As of now, XRP was trading at $0.20, down by 15.8% in the last 24 hours.

Bittrex is the 11th exchange or fund to delist or suspend XRP trading; Coinbase, OKCoin, Beaxy, Galaxy Digital, B2C2, Bitstamp, Jump Trading, Bitwise, CrossTower, and OSL made similar announcements. XRP is still trading on Binance and Kraken.

“Bittrex will remove XRP markets on Friday, January 15th, 2021 at 4 PM (PST),” said in a statement released today. “Until further notice, customers will continue to have access to their XRP wallet on Bittrex after the markets are removed. Any further updates will be provided through Twitter and/or Customer Support.”

The SEC’s suit alleged that Ripple raised $1.3 billion in XRP via unregistered securities sales since 2013—and still does. Ripple Labs remains to deny the allegations and in a new statement said,

“The SEC has introduced more uncertainty into the market, actively harming the community they’re supposed to protect. It’s no surprise that some market participants are reacting conservatively as a result.”

Bittrex was founded in 2014 in Seattle, Washington by cybersecurity engineers Bill Shihara, Richie Lai, and Rami Kawach, Bittrex also offers XRP trading pairs with BTC, ETH, USDT, and USD.

The exchange was known for carrying almost every coin on the platform. It ran afoul of New York State in April 2019 when it lost its bid for a bit-license to sell “virtual currency.”

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