PrimeXBT is the latest crypto-exchange to delist XRP after an announcement earlier today revealed the removal of the XRP/USD, XRP/BTC trading pairs.
The delisting will take effect from Wednesday, 10 February 2021, at 15:00 UTC. Prior to this, the XRP pairs will be transferred to ‘reduce only’ status on Friday, 5 February 2021, at 15:00 UTC.
According to the said announcement, PrimeXBT made the decision to remove and cease trading of the asset on the back of “significant events surrounding Ripple,” as well as the “delisting of the asset across our multiple liquidity providers.”
After the SEC’s lawsuit was first filed, many exchanges including Coinbase and Binance were quick to delist the cryptocurrency, presumably to steer clear of being served with any legal notices themselves in light of the uncertainty around XRP.
Since then, trading XRP has been limited to certain venues that have continued to support the asset, although the delisting has led to a significant drop in the overall liquidity of the asset.
PrimeXBT was one of the venues that had a significant amount of trading volume for XRP. The past 24-hours alone saw $42,991,416.17 in trading volume for the XRP/USD trading pair, making it the third-largest trading pair after BTC/USD and ETH/USD.
It should be noted, however, that XRP recently rallied by over 170% in 24 hours, with the crypto touching a high of $0.745, before dropping back down to $0.366, at the time of writing.
In the past week, price surges of such nature have become somewhat of a trend and this rally too has been seen by many to be driven by the Reddit community r/Satoshistreetbets. In fact, many commentators have been taken aback by the scale of the cryptocurrency’s rally, especially in light of recent developments.
Things are out of control.
Imagine a shady company gets walloped with an SEC lawsuit, which carries with it risk of ruin, and their crypto coin goes UP 60%?!?!?
What are you people thinking!??!
XRP is a disaster is clearly going to zero… pending some miracle. https://t.co/Lf2w7GXr5B
— firstname.lastname@example.org (@Jason) January 31, 2021
Others have argued, however, that Ripple’s official response to the SEC’s lawsuit may have had some part to play in the crypto-asset’s recent price movements.