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More Bad News Coming For XRP Proves Crypto Market Matured
Summary: There are more bad news coming for XRP, following the recent lawsuit filed against major US-based blockchain company Ripple - as yet another major exchange stops trading, an investor sues Ripple looking to force a stock redemption, and the number of addresses with XRP 1m or more has dropped sharply. However, some argue that "the ...
There are more bad news coming for XRP, following the recent lawsuit filed against major US-based blockchain company Ripple - as yet another major exchange stops trading, an investor sues Ripple looking to force a stock redemption, and the number of addresses with XRP 1m or more has dropped sharply. However, some argue that "the fall of XRP demonstrates the newfound strength of the crypto market."
The fifth cryptoasset by market capitalization - having dropped from the third spot since the lawsuit - can't catch a break it seems. Among the latest news, major crypto exchange and wallet provider Blockchain.com announced that it will halt XRP trading beginning Thursday, January 14 this year.
The announcement said that the customers who have XRP balances will still have access to their XRP to send after the trading is halted, but Blockchain.com will no longer support receiving more XRP in the exchange.
Commenters to this latest development have been pointing to Uphold as a place to move their XRP or buy more. As reported, Uphold said it will continue listing XRP unless/until XRP is legally determined to be a security, or until trading volume dissipates to a point where the platform can't support XRP any longer.
But Blockchain.com is only the latest in the line of smaller and larger exchanges and wallets, such as Coinbase, Bitstamp, and Bittrex, who decided to stop trading XRP in the US.
"With the removal of XRP from most major cryptocurrency exchanges with United States users, we believe that there will be substantial capital outflows into bitcoin and ether. Ultimately, this should add further fuel to the ongoing rally," said Craig Russo, Director of Innovation at early-stage business incubator Polyient, in an emailed commentary.
Meanwhile, Seamus Donoghue, VP Sales and Business Development of METACO, argued that "the fall of XRP demonstrates the newfound strength of the crypto market," as, were the lawsuit taken place in 2017, "the news would have crashed the entire crypto market and we would have seen a flight of capital out of crypto."
