XRP Trims Daily Gains as Bitstamp Suspends Trading and Deposits
- US customers will still be able to withdraw their XRP from Bitstamp, and customers from other countries are not affected.

Bitstamp, one of the largest crypto platforms in Europe, has become the first major cryptocurrency to suspend XRP transactions until further notice. Specifically, the popular platform will halt all trading and deposits of XRP for US customers, effective 8 January 2021.
Bitstamp announced the news on Friday, saying that it has taken the decision in light of the US Securities & Exchange Commission's enforcement action against Ripple and two of its executives.
Still, US customers will be able to withdraw their XRP from Bitstamp at any time, and customers from other countries will not be affected.
Additionally, the move is noteworthy as 40 million XRP, valued at roughly $30 million at the transaction’s date, was moved last month from an unknown wallet address to Bitstamp.
Despite the news, XRP is up 9% for the day, with trading close to $0.29 at the time of writing. However, the altcoin has lost over $10 billion in market value as many exchanges have pulled or halted transactions after the SEC filed a $1.3 billion lawsuit against Ripple.
According to CoinMarketCap, XRP has retained its position as the 3rd largest crypto by its market capitalization, behind Bitcoin and Ethereum, after sliding down earlier to fourth place.
Top Exchanges and Other Companies in a Wait-and-See
Before Bitstamp’s action, the move to delist XRP was limited to small trading platforms, yet major exchanges have no other choice but to follow suit. Otherwise, those who keep the token listed on their platforms may be at risk of being sued and fined if the SEC wins its case and the court deems XRP unregistered securities.
As Finance Magnets reported, the SEC’s lawsuit was filed against CEO, Brad Garlinghouse and Co-founder, Chris Larsen, alleging that they raised $1.3 billion via ongoing, unregistered securities offerings since 2013.
Ripple is developing several Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term-based solutions that enable cross-border money transactions between banks in a faster and cheaper way than the current systems allow.
Some of the top 10 US banks, as well as other big remittance companies, are already using Ripple’s product across their payment services, including MoneyGram, Standard Chartered Bank, American Express and many others.
Bitstamp, one of the largest crypto platforms in Europe, has become the first major cryptocurrency to suspend XRP transactions until further notice. Specifically, the popular platform will halt all trading and deposits of XRP for US customers, effective 8 January 2021.
Bitstamp announced the news on Friday, saying that it has taken the decision in light of the US Securities & Exchange Commission's enforcement action against Ripple and two of its executives.
Still, US customers will be able to withdraw their XRP from Bitstamp at any time, and customers from other countries will not be affected.
Additionally, the move is noteworthy as 40 million XRP, valued at roughly $30 million at the transaction’s date, was moved last month from an unknown wallet address to Bitstamp.
Despite the news, XRP is up 9% for the day, with trading close to $0.29 at the time of writing. However, the altcoin has lost over $10 billion in market value as many exchanges have pulled or halted transactions after the SEC filed a $1.3 billion lawsuit against Ripple.
According to CoinMarketCap, XRP has retained its position as the 3rd largest crypto by its market capitalization, behind Bitcoin and Ethereum, after sliding down earlier to fourth place.
Top Exchanges and Other Companies in a Wait-and-See
Before Bitstamp’s action, the move to delist XRP was limited to small trading platforms, yet major exchanges have no other choice but to follow suit. Otherwise, those who keep the token listed on their platforms may be at risk of being sued and fined if the SEC wins its case and the court deems XRP unregistered securities.
As Finance Magnets reported, the SEC’s lawsuit was filed against CEO, Brad Garlinghouse and Co-founder, Chris Larsen, alleging that they raised $1.3 billion via ongoing, unregistered securities offerings since 2013.
Ripple is developing several Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term-based solutions that enable cross-border money transactions between banks in a faster and cheaper way than the current systems allow.
Some of the top 10 US banks, as well as other big remittance companies, are already using Ripple’s product across their payment services, including MoneyGram, Standard Chartered Bank, American Express and many others.