Although the XRP price suffered a large drop on Christmas Day after crypto exchange Bitstamp announced that it was halting XRP trading and deposits for its U.S. customers, it soon managed to bounce back.
At 16:22 UTC on Friday (December 25), Bitstamp sent out the following tweet:
Here is what Bitstamp said in its blog post:
“In light of the recent SEC filing against Ripple Labs Inc., which alleges that XRP is a security, we are going to halt all trading and deposits of XRP for our US customers on 8 January 2021 at 9 PM UTC.
“We will closely follow the unfolding situation and continue to adapt accordingly.
“Our US customers will still be able to withdraw XRP from Bitstamp. Customers from other countries are not affected.“
According to data by TradingView, five minutes later, on Coinbase, the XRP price, which was around $0.3780 at the time, started falling, and within 10 minutes, it had fallen to $0.2900, i.e. suffered a drop of 23.3%. However, fortunately (for XRP HODLers), the XRP price did not stay at that level for long, and by 19:59 UTC, it had bounced back to $0.3447.
Currently (as of 08:40 UTC on December 25), XRP is trading around $0.3155 on Coinbase, down 10.2% in the past 24-hour period.
Per data from XRP Charts, as of 07:25 UTC on December 26, in the past 24-hour period, the total XRP trading volume was $3,152,141,929.00.
The top 8 exchanges for XRP trading were:
- Binance (39.5%)
- Huobi (10.7%)
- Bitrue (8.1%)
- Zb (7.2%)
- Upbit (5.9%)
- Bitstamp (5.9%)
- Hitbtc (5.8%)
- Kraken (4.1%)
Note that Bitstamp had the sixth highest 24-hour XRP trading volume. Also, Bitstamp is only suspending trading/deposits for its U.S. customers and not all of its customers. And so, Bitstamp’s planned suspension (which becomes effective on 8 January 2021) should not impact XPP trading that much.
On Wednesday (December 23), Stuart Alderoty, Ripple’s General Counsel, commented on the recently announced enforcement action filed by the U.S. Securities and Exchange Commission (SEC) against Ripple Labs Inc, Chris Larsen, and Brad Garlinghouse.
The next day, Alderoty took to Twitter again to point out that the status of XRP (i.e. security or commodity) had not yet been determined:
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.