US-based cryptocurrency exchange Bittrex has announced that it will ultimately remove all XRP trading pairs on January 5, 2021. After a brief rally, the cryptocurrency is once again trading below $ 0.20.
While Bittrex does not explicitly state the reason behind the delisting, the move is clearly related to the SEC’s lawsuit against XRP-affiliated blockchain company Ripple. Coinbase, Bitstamp and a number of smaller exchanges have also announced that they will suspend XRP trading.
According to Messari, XRP / BTC is the most active trading pair on Bittrex with a daily volume of $ 5,453,357. XRP / USDT follows with $ 3,643,279.
As a result, with the passage of time and the last move of the SEC, the stock market has taken an early step to move away from XRP.
Is Binance Next?
In addition, Binance’s Swipe Wallet will remove XRP from all US users starting January 5th. Therefore, Binance USA is also expected to drop cryptocurrency in the near future. The real question is whether Binance, the main exchange, will keep XRP on its platform as it does not serve US users. Given that the exchange’s XRP / USDT pair has a daily trading volume of $ 813,994,667, a potential derecognition would be a huge devastating effect for the cryptocurrency.
Adam Cochran, a partner of Cinneamhain Ventures, believes it will be possible for the US arm of the SEC to press the US arm for Binance to de-list XRP for international customers. In fact, Binance normally doesn’t have to care what the SEC thinks unless it accepts US users. However, if the SEC says that the US relationship with Ripple is inherently in breach of XRP, Binance could put pressure on the US to adapt internationally.