Some Exchanges Drop XRP After SEC Lawsuit Against Ripple

The Securities and Exchange Commission (SEC) recently charged Ripple the unlawful issuance of securities in the form of sales for XRP. This potential action had been in the works for a while, but it hit at a particularly hard time with the Flare airdrop and recent price move likely drawing countless retail investors in just before the decision.

As unfair as it feels, the move is likely to force the hand of exchanges who want to stay on the good side of the SEC and that means we should expect exchanges to at least pause trading (even if they still allow custody).

The big exchanges are still trading XRP right now, but a few entities have hit the breaks. For example, OKCoin has suspended XRP trading and deposits and some high profile market makers have stopped making XRP markets in the US.

The corresponding XRP price crash over the past week or more has unfortunately also led to billions in liquidations and over 50% in losses for anyone holding XRP.

Author: Thomas DeMichele

Thomas DeMichele has been working in the cryptocurrency information space since 2015 when was created. He has contributed to MakerDAO, Alpha Bot (the number one crypto bot on Discord),...

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