XRP Drops To Fifth on Coin Rankings As More Exchanges Delist it
Embattled cryptocurrency Ripple (XRP) faces new problems in 2021 following its legal case with the SEC. The value of XRP has plummeted in recent weeks, and the coin has now dropped to fifth on the coin rankings.
XRP Facing Problems on All Fronts
It is worth noting that it was only a few weeks ago that Ripple Labs received a lawsuit from the SEC. The US regulatory body had alleged that XRP is unregistered security and deemed sales of XRP illegal.
Forward to 2021, and the lawsuits appear to be increasing with the latest from Tetragon Financial Group. According to news outlet Bloomberg, Tetragon filed a complaint requesting a temporary restraining order on Ripple. Tetragon requested the Court block Ripple from using cash and other assets until it redeems its Series C stock.
Tetragon was one of the companies that led Ripple’s Series C funding round in 2019, raising $200 million. Meanwhile, the number of crypto addresses holding 1 million XRP has drastically reduced, according to data from CoinMetrics.
This is largely buoyed by the dip in the value of XRP and continued delisting of the coin by exchanges. Blockchain.com has become the latest exchange to delist XRP from its platform. The crypto wallet provider and now crypto exchange cited the current lawsuit problems with Ripple as the reason for the decision.
Trading with XRP tokens will be suspended on the blockchain.com platform from January 14. Notably, the exchange did not provide any major hint on when trading will resume for the token. The decision by Blockchain.com follows the recent delisting of XRP by over 10 exchanges globally.
Ripple Drops to Fifth on Coin Rankings
The recent news about Tetragon’s lawsuit affected the price of XRP, which had made some gains over the weekend. XRP dropped by about 5% after the news broke and has been overtaken by Litecoin on the coin rankings.
Ripple is the only coin in the top 10 tradings in the red zone as of press time. It is currently valued at $0.233 and has a market cap of $10 billion. This is a major contrast to the market cap of $30 billion achieved in November. It remains to be seen if the coin would gain a major respite in the coming days.