The major US OKCoin exchange suspends XRP trading and deposits while XRP’s price dropped another 6% after the news emerged. In our Ripple price news today, we take a closer look at the reports.
The OKCoin exchange suspends all XRP Trading today according to an announcement, a week later after the US Securities and Exchange Commission charged Ripple Labs with $1.3 billion for selling the coin in an unregistered securities sale. The San Francisco-based exchange said:
“As the lawsuit proceedings take place, we have determined it is the best course of action to suspend XRP trading and deposits on OKCoin.”
OKcoin will suspend spot trading, deposits, and margin trading from 7 pm PST on January 4 until further notice. It will also require anyone that borrowed XRP And USD to return the money by January 3rd:
“It is likely that this situation will take time to reach a resolution.”
XRP’s price dropped by 6% after the announcement which means that it dropped by 43% since the SEC announced the charges, reaching a price level of $0.27. The price managed to recover slightly but it was all for nothing after OKCoin announced the news. The major US crypto exchange is the fifth exchange to delist XRP right after CrossTower, OSL, Beaxy, and Bitstamp. XRP is still trading on Kraken.
On January 4th 2021 at 7:00 PM PST, we will suspend $XRP trading and deposits.
Read more: https://t.co/kwKN97xZJO
— Okcoin (@Okcoin) December 28, 2020
Bitwise liquidated all XRP from its fund and according to the reports, Jump Trading and Galaxy Digital stopped making markets for the coin. The SEC lawsuit alleges that Ripple raised about $1.3 billion in XRP in an unregistered securities sale in 2013 and still continues to do so.
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Ripple has about 6 million coins in escrow wallets which it sells often. Similar to a central bank, altering the monetary supply keeps the price buoyant so the SEC alleged that the control ripple has over the XRP price makes the coin security. The lawsuit also named Ripple’s co-founders Brad Garlinghouse and Chris Larsen as defendants.
As reported recently, OKCoin will airdrop Stacks tokens after they list the coin on January 14th. It will start with a $100,000 airdrop and If things go well, the exchange will give away many more coins. OkCoin could give an extra $500,000 to $1,000,000 later in the year. OkCoin’s announcement comes on the day after Blockstack company which created the stacks tokens said that the STX will not be considered as security after the launch of the new blockchain on January 14 and the US exchanges like OKcoin will finally list it which is a year after its $23 million ICO after it got received SEC’s blessing.
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