Crypto.com, a cryptocurrency exchange and app, announced today that XRP trading on crypto.com app in the US will be suspended from 19 January 2021. Crypto.com joined Coinbase and other cryptocurrency exchanges in delisting XRP amid growing concerns regards its status as a crypto asset after the SEC filed a lawsuit against Ripple. XRP price crashed more than 20% in the last 24 hours to reach $0.22.
According to an official statement released by crypto.com, the US-based customers will not be able to make XRP deposits from 19 January. The recent decision will have no impact on the withdrawals. Additionally, the exchange mentioned the impact of the delisting on crypto.com earn.
“Effective January 19, 2021, at 10 am UTC, XRP will be delisted and trading suspended from the Crypto.com App in the US. Customers based in the US won’t be able to deposit XRP into the Crypto.com App as of January 19th, 10 am UTC. Withdrawal of the cryptocurrency from the Crypto.com App will not be affected. US-based clients with XRP Earn deposits will have their XRP unlocked and moved to their Crypto Wallet on December 29th, 2020, 10 am UTC; interest will be paid up until this date,” Crypto.com stated in the official blog post.
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The XRP Price
The price of the world’s fourth-largest cryptocurrency has already lost more than 60% of its value since last week. The latest decision by the SEC caused a massive crash in XRP price as retail investors panicked. As of writing, the price is hovering around $0.22, down from $0.30 on 28 December. CEO of Ripple, Brad Garlinghouse expressed his views after the recent action by the SEC and mentioned that the company will fight the case.
“Thus far the world has heard the SEC’s version of reality. The legal process will unfold from here and the world will have a much more robust and complete picture of the facts soon,” Garlinghouse mentioned in a tweet.