Binance, Bittrex, and Crypto.com have announced that they will delete XRP following news last week that the US Securities and Exchange Commission has filed a lawsuit against Ripple for trading it without registering it as collateral.
Binance said in a blog post that it will suspend XRP trading on January 13, and indicated that while customers will not be able to deposit XRP, they will be able to withdraw it.
Bittrex will decrypt the coin on January 15, according to the company blog, and Crypto.com, in its announcement, said it will suspend XRP trading and deposits on January 19.
Several other cryptocurrency exchanges, including Coinbase, OKCoin and the Digital Asset Platform OSL, recently delisted XRP following news of the lawsuit, the core of which depends on whether XRP is a security — and therefore SEC regulated — or a currency.
Ripple maintains that “XRP is a currency, as defined by the Department of Justice and FinCEN in 2015.”
In other news, bitcoin hit a new high on Wednesday (December 30), continuing the price rally that broke the record for months.
As of 3:19 PM ET, the price is sitting at $28,777.71, just two weeks after breaking the $20,000 mark for the first time in its history.
Investors say that this price spike is different from the rise in 2017 and is here to stay, often citing the growing mainstream presence of cryptocurrencies, such as PayPal’s recent move to allow its users to deposit and pay in cryptocurrency.
“Paypal just said, ‘Hey, we’re going to open this up to everyone,’” Daniel Goldman, CEO of Ternio, which has partnered with PayPal, said in an interview with PYMNTS. [crypto] Version 101. It’s designed for grandma, so no one — my child, my grandmother — can mess with PayPal.”
Reuters reports that the limited supply of bitcoin – specifically that the creation of new currencies relies on so-called “mining” computers – has been part of the force behind its current price hike.
“The supply side of the bitcoin market will remain tight,” Jacob Skanig of ARK36 crypto hedge fund told Reuters.