Bittrex announced today that it will phase out XRP, the fourth-largest currency, a week after the US Securities and Exchange Commission accused Ripple Labs of raising $1.3 billion by selling coins in the sale of unlisted securities.
XRP’s market cap has fallen 66% since the SEC announced the indictment on December 22. As of this writing XRP is trading at $0.20, down 15.8% in the last 24 hours.
Bittrex is the eleventh exchange or fund to remove or suspend XRP trading; Coinbase, OKCoin, Beaxy, Galaxy Digital, B2C2, Bitstamp, Jump Trading, Bitwise, CrossTower, and OSL made similar announcements.
XRP is still open for trading on Binance and Kraken.
“Bittrex will clear the XRP market on Friday, January 15, 2022 at 16.00 (PST),” said in a statement released today. “Until further notice, customers will continue to have access to their XRP wallet on Bittrex after the marketplace is cleared. Further updates will be provided via Twitter and/or Customer Support. ”
The SEC lawsuit alleges that Ripple raised $1.3 billion in XRP through the sale of unregistered securities since 2013 — and continues to do so. Ripple Labs continues to deny the allegations and in a new statement said, “The SEC has introduced more uncertainty to the market, actively harming the communities they are supposed to protect. It is not surprising that some market participants reacted conservatively as a result. “
Founded in 2014 in Seattle, Washington by cybersecurity engineers Bill Shihara, Richie Lai, and Rami Kawach, Bittrex offers XRP trading pairs with BTC, ETH, USDT and USD.