Bittrex Is Halting XRP Trading Shortly After Coinbase And Bitstamp

Bittrex is halting XRP trading making it the latest exchange to join the bandwagon with Coinbase and Bitstamp, due to the latest developments of the SEC charges against Ripple Labs. In today’s Ripple news, we take a closer look at it.

Bittrex is halting XRP trading services according to the announcement today and said it will remove XRP as the fourth largest cryptocurrency, a week after the Securities and Exchange Commission charged Ripple Labs with raising $1.3 billion by selling the coin in an unregistered securities sale. XRP’s market cap dropped by 66% since the SEC announced the charges so right now, XRP crashed by 15.8% in the past 24hours and trades at $0.20.

#Bittrex Customers:

The $XRP markets will be removed on Friday, January 15th at 4:00PM PST.

Details: https://t.co/1mefjC1ziw

— Bittrex (@BittrexExchange) December 29, 2020

XRP’s market cap dropped by 66% since the charges were imposed so Bittrex decided to stop all trading for XRP because of it. This exchange is the eleventh to delist or suspend XRP trading, as it joined the bandwagon of OKCoin, Beaxy, Coinbsae, Bitstamp, Jump Trading, bitwise, B2C2, Galaxy Digital, OSL, and Cross Tower.  XRP is still available on Binance and Kraken. Bittrex said in the announcement:

 “Bittrex will remove XRP markets on Friday, January 15th, 2021 at 4 PM (PST). 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 lawsuit alleges that Ripple raised $1.3 billion in XRP in an unregistered securities sale since 2013 and continues to do so. Ripple Labs denied 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.”

Founded back in 2014 in Seattle by cybersecurity engineers Richie Lai, Rami Kawach, and Bill Shiraha, this exchange offered Ripple Trading pairs with ETH, USDT, BTC, and USD and it was well-known for carrying every coin on its platform. The company ran afoul of the New York State earlier in 2019 when it lost the bid for the so-called bit license to sell virtual assets.

Ripple got hit hard with the SEC Lawsuit which is expected to bring the price down even lower, and more exchanges to delist it.