Crypto.com, a cryptocurrency exchange and application, announced today that it will suspend XRP trading on the crypto.com application in the USA from January 19, 2021.
Crypto.com participated in Coinbase and other cryptocurrency exchanges in the removal of XRP. XRP price has dropped more than 20% in the last 24 hours to $ 0.22.
According to the official statement released by Crypto.com, US-based customers will not be able to invest in XRP as of January 19. The final decision will have no effect on withdrawals.
The price of the world’s fourth-largest cryptocurrency has dropped by over 56% since the case was announced on December 22. The SEC’s latest decision caused a massive drop in the XRP price as retail investors panicked. At the time of writing, the price is around $ 0.22 as it declined from $ 0.30 on December 28. Ripple CEO Brad Garlinghouse expressed his views after the SEC’s recent action and stated that the company will fight the case.
Things by XRP could get worse, depending on the outcome of the SEC lawsuit and the steps other major exchanges are taking to alleviate any legal problems that may be brought against them. Given the legal uncertainty regarding XRP, analysts stressed that technical analysis is less important in the short term. Scott Melker, a cryptocurrency trader, stated that he will not buy XRP no matter what happens.
In the foreseeable future, XRP has several main support areas from which it could potentially improve. However, these are deep support levels on the weekly chart, indicating that it is losing momentum for a major recovery.