XRP Price Trumble Following Delisting on Major Exchanges
Without a doubt, the focus of this week’s has been the drama centered around Ripple. The asset slipped to 4th place in the global cryptocurrency market rating with the current market capitalization of $13.2 billion and an average daily trading volume of $9.5 billion.
Since last week, Ripple was the worst performer out of the Top 10 Cryptocurrencies. XRP price dropped 5.46%, marking it as the 3rd straight day of the bearish trend.
The correction came alongside a change in volume that was down 8.95% from the previous day, but up 72.72% from the Sunday of last week.
At Press time XRP price is trading at $0.279981 with a 24-hour trading volume of $8,903,171,174. XRP is down 5.60% in the last 24 hours. The current CoinMarketCap ranking is #4, with a market cap of $12,712,258,472 USD.
Will XRP Fall Out of the Top 10 Crypto Assets ?
Popular Crypto enthusiast and partner at TheSpartanGroup with twitter handle @SpartanBlack_1 shared a thread of 10 crypto predictions for 2021.
According to him,
$XRP will get delisted from Coinbase (ahead of its IPO) and will fall out of the Top 10.
Chicago-based Jump Trading , Mike Novogratz’s Galaxy Digital and Bitstamp Respond to Ripple Lawsuit
Recently, Bitstamp exchange also introduced limitations on XRP trading. As per the exchange, the US-based customers will not be allowed to trade or deposit XRP as of January 2021. The Bistamp’s decision halted XRP’s upside correction and threw the price back below $0.30.
Also, Jump Trading will no longer provide liquidity for XRP. Which could result a big blow to XRP. Without sufficient liquidity, spreads could increase. Large investors may find it difficult to enter and exit large positions.
As coinpedia reported earlier, several cryptocurrency exchanges delisted or suspended XRP trading, citing concerns about Ripple’s legal issues. however, if the court decides that XRP is a security, the trading platforms may be accused of making it available for retail investors.
Overall, Considering all the factors, it seems that the three main reasons for the sharp decline in the price of XRP: SEC lawsuit, bearish sentiment, and probable delisting by cryptocurrency exchanges.