XRP has continued to crash in light of news that it will be listed in a new round of leading crypto asset exchanges.
The altcoin is now down more than 20 percent in the past 24 hours, hitting its multi-month low at $ 0.21. XRP is down 55 percent in the past seven days alone, making it the worst performing cryptocurrency in the top 100 by market cap.
XRP is now the fourth largest cryptocurrency by market cap, falling below the market cap of Tether’s USDT.
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XRP is losing support
Coinbase Chief Legal Officer Paul Grewal says the exchange will delete XRP on Jan. 19:
“In light of the SEC’s lawsuit against Ripple Labs, Inc, we made the decision to suspend XRP trading pairs on our platform. Trading will not enter the limit until December 28, 2020 at 2:30 PM PST and will be fully suspended on Tuesday, January 19, 2021 at 10:00 AM Pacific Standard Time *. We will provide additional updates, as applicable, via the Coinbase Support Twitter account, including any timing changes. “
The stock market says that the suspension of trading in the altcoin does not affect customer access to XRP wallets that remain available for deposit and withdrawal functionality after the suspension of trading. In addition, customers will continue to be eligible for the previously announced Spark airdrop. “
While this isn’t the end for XRP on Coinbase, many see this as a strong blow to the cryptocurrency.
Some have argued that a key factor that has kept the price of the cryptocurrency high in recent years is the retail stake in XRP powered by applications and exchanges such as Coinbase.
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Dragging the rest of the market down
While it was argued by many that the decline in XRP would trigger a rally in other cryptocurrencies, this was not the case.
During the initial drop last week, the XRP Ethereum crash dragged the region from $ 650 to $ 570. Bitcoin also fell sharply due to the decline in altcoin.
The cryptocurrency’s decline in the past day was no exception.
Ethereum traded as low as $ 740 earlier today, but fell below $ 700 today as XRP tumbled to new multi-month lows.
For some reason, the capital of the altcoin does not cycle from that market to other cryptocurrencies. This may be due 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 Loses Even More Exchange Support as Uncertainty Continues