The crypto-verse has been closely spectating the movement of Bitcoin. XRP seems to be the only asset enduring a loss during the ongoing bull run. The crypto industry is so close to hitting $1 trillion, but it appears like XRP wouldn’t be effectively aiding the process. The SEC lawsuit has almost destroyed the altcoin. Over the past few days, several crypto exchanges went on to delist the asset and the list isn’t getting any shorter. A few other members join the list as the asset slips off as the fourth-largest cryptocurrency.
XRP Loses Spot On Blockchain.com
The SEC’s $1.3 billion lawsuit against Ripple seems to have an array of repercussions as XRP has been losing its stance in the crypto-verse. After Coinbase, Bittrex, OKCoin, and several other lesser-known exchanges suspending trading of the asset, Blockchain.com revealed that it would halt trading of the altcoin from 14 January 2021. However, users of the platform will reportedly be able to send out the altcoin that they already have, but cannot acquire extra XRP.
Grayscale also followed suit and bid adieu to XRP. In a recent tweet, the platform revealed its Quarterly review for the Digital Large Cap [DLC] Fund. Grayscale’s DLC entailed other crypto-assets like Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] as well as Litecoin [LTC]. But XRP didn’t seem to make it to the list. The tweet read,
3/ $XRP was removed following DLC Fund's Quarterly Review (12/31/20). No others assets qualified for inclusion. The below table highlights DLC Fund’s weightings as of January 4, 2021: $BTC $ETH $BCH $LTC pic.twitter.com/g3QQEf0kd8
— Grayscale (@Grayscale) January 5, 2021
In a recent press release, Grayscale further affirmed that it would “temporarily” suspend trading for the altcoin starting from 15 January post 5 PM [ET]. Elaborating on the platform’s reason for removing the coin, the post read,
“According to the Fund’s documentation, during the Fund’s quarterly review, the Manager may determine to exclude a digital asset from the Fund’s portfolio even if it meets the Fund’s Inclusion Criteria, including, but not limited to, if the Authorized Participant does not have the ability to trade or otherwise support such digital asset.”
Earlier this year, the largest stablecoin, Tether [USDT] flipped XRP as the third-largest crypto asset. Now, Litecoin has overshadowed the asset and took over its place as the fourth largest coin with a market cap of $10.63 billion.