XRP on risk again. Price dropped and more

mowmow

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Weeks ago, we have seen XRP's price going up. But just after receiving SEC warnings (Lawsuit) and some exchanges decided and announced to suspend XRP trading and delisting it, it's price went down.

According to mr. Lorenzo Stroe of FXStreet.com, XRP was trading at around $0.30 before Coinbase announced it would halt the trading of XRP around January 19, 2021. And just after that announcement, it's price then went below $0.20.
The digital asset then plummeted by more than 30% within 24 hours and seems to be poised for a bigger pullback as more exchanges are at risk of delisting the asset.

Possible continuous price drop of XRP?

According to mr. Lorenzo Stroe, XRP price could continue to drop despite what technicals say.
According to him, It is important for us to realize that recent XRP moves were not motivated by any sort of technical analysis. Although as he says, many indicators could show that XRP price is poised for a rebound, investors should be extremely careful as these will not be accurate.

As what he sees it, the amount of large XRP holders with 10,000,000 coins or more has dropped by 11 in the past four days. Similarly, the number of whales holding between 1,000,000 and 10,000,000 coins dropped from 1,253 to a current low of 1,116, which indicates that large holders are exiting their XRP positions.

He also stated that to him it seems that every US-based exchange will potentially delist XRP.
OKCoin has also delisted the asset recently, though it’s based in China which hints at the possibility of other global exchanges delisting XRP. And according to him, the next expected exchange to announce it is Kraken, but there are rumors that at least Binance.US is also looking into it.

Link of the news blog published by mr. Lorenzo Stroe of FXStreet.com,

In connection to that, OKCoin made an announcement on their blog this Monday December 28, 2020 about their decision of Suspending XRP trading and deposits from it's exchange.

According to OKCoin team, they had been closely monitoring the news surrounding the December 22nd SEC lawsuit against Ripple, the company behind XRP, and two of its key executives. And as what they stated in their blog, as the lawsuit proceedings take place, they have "determined" that "it is the best course of action" to suspend XRP trading and deposits on OKCoin which will take effect on the 4th of January, 2021.
And according to them, this suspension timeline will include two key dates:

against Ripple, the company behind XRP, and two of its key executives. As the lawsuit proceedings take place, we have determined it is the best course of action to suspend XRP trading and deposits on OKCoin effective January 4, 2021. This suspension timeline will include two key dates:

  1. 7:00 PM PST, Jan 3, 2021: Users who have borrowed from the XRP / USD margin pair (incl. Borrowing XRP and USD) are required to return the borrowed value before this time. Delays will trigger a liquidation by their systems to close the loan contracts.
  2. 7:00 PM PST, Jan 4, 2021: spot trading, margin trading, and deposits will be suspended till further notice.
They also stated that this situation will likely take time to reach a resolution. But they will proactively inform their customers once they have information that may change their position.

Link of OKCoin blog, official announcement,

Wanna read more news/updates about XRP from different websites all gathered in one place, (other exchanges to delist/ suspend XRP trading and SEC warnings)?

Click here,
 

mowmow

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Omg! Will coinsph do the same?
Well, if XRP continuous to sink down, for sure coins.ph will delist it too cuz coins.ph will no longer profit from that coin for sure but let's pray they won't cuz a lot of their users use XRP daily. 😊 And let's pray too that XRP finally wins over that Lawsuit filed against them proving their innocence and that they really meet all the standards SEC requires from them, and lastly, fully recover what it lost.
 
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