XRP has continued to crash amid news that it will be listed in a new round of leading crypto-asset exchanges.
The altcoin has fallen over 20 percent in the past 24 hours, hitting multi-month lows at $ 0.21. XRP is down 55 percent in the last seven days alone, making it the worst-performing crypto asset in the top 100 by market capitalization.
XRP is now the fourth largest cryptocurrency by market capitalization and is below the market capitalization of Tether’s USDT.
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XRP is losing support
Paul Grewal, Coinbase’s chief legal officer, says the exchange will delist XRP on January 19th:
“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have decided to suspend the XRP trading pairs on our platform. Trading won’t reach its limit until December 28, 2020 at 2:30 p.m. PST and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time *. We may provide additional updates via the Coinbase support Twitter account, even if the timing changes. “
The exchange says the suspension of trading in the altcoin “will not affect customers’ access to XRP wallets, which will continue to be available for deposit and withdrawal functions after trading is suspended. In addition, customers remain eligible for the previously announced Spark Airdrop. “
While this isn’t the end of XRP on Coinbase, many see this as a big blow to the cryptocurrency.
Some have argued that a key factor that has kept the price of cryptocurrency high in recent years is the retailer’s interest in XRP, powered by applications and exchanges like Coinbase.
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Drag the rest of the market down
While it has been suggested by many that the decline in XRP would lead to a rally in other cryptocurrencies, it was not.
During the initial decline last week, XRP Ethereum crashed from the $ 650 region to $ 570. Bitcoin also fell sharply as a result of the decline in altcoin.
The last day’s decline in cryptocurrency was no exception.
Ethereum was trading as high as $ 740 today but fell below $ 700 today as XRP slid to new multi-month lows.
For some reason, the altcoin capital doesn’t flow from this market to other cryptocurrencies. This may be related to the fact that some traders are liquidating their positions to cover their losses in XRP, some have postulated.
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Featured image from Shutterstock Price Tags: xrpusd, xrpbtc, xrp Charts from TradingView.com XRP is losing even more Exchange support as uncertainty increases
