Ripple’s XRP surged by more than 200 percent in just four days of trading. However, its wild upside swing alarmed one brokerage platform.
Seychelles-based PrimeXBT announced on Monday that it would delist two XRP instruments: XRP/USD and XRP/BTC from its portal on February 10, 2021, becoming yet another trading platform to take drastic steps against Ripple’s native token.
A screenshot from PrimeXBT official announcement on XRP delisting
Of late, exchanges active in the United States have removed XRP token from their offerings. Their decisions appeared after the Securities and Exchange Commission filed a lawsuit against Ripple Labs, its CEO Brad Garlinghouse and Chairman Chris Larsen for selling over $1 billion in XRP in an unregistered securities sale.
Nevertheless, exchanges operating outside the US purview, including Poloniex, CEO.io, and Binance (not Binance US), continued to offer XRP-enable trading services. In a way, PrimeXBT became one of the first non-US platforms to have barred XRP trading on its platform.
XRP Liquidity Concerns
The announcement also appeared after a two-day-old Reddit group of 200K subscribers launched a coordinated XRP buying campaign in the same fashion /r/WallStreetBets pumped beaten stocks of AMC Entertainment and GameStop.
On Tuesday, the XRP/USD exchange rate reached as high as $0.77 on buying frenzy, up 228 percent from its session low. Nevertheless, the pair quickly crashed lower by almost 35 percent as community efforts failed to pump the prices for so long.
The price action suggests that some traders bought XRP at local tops, anticipating that the token would rise the same as the AMC, Dogecoin, and GameStop stocks. Nevertheless, whales took advantage of the FOMO rally by dumping large amounts of XRP at session highs. That tapped many at the wrong side of the market.
Ripple experienced a massive sell-off after a 200% plus price rally. Source: XRPUSD on TradingView.com
Before the dump, Ripple appeared technically overbought, trading at levels that were too uncertain from a liquidity point of view. Analyst Income Sharks noted:
“Be careful of tunnel vision. I’ve never seen an asset recover after being removed from multiple exchanges.”
The Ripple token was now eyeing the $0.33-0.411 range as its interim support for a pullback. Meanwhile, it remained under pressure from $0.5-resistance level.
Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including CoinChapter, NewsBTC, FxDailyReport, Bitcoinist, and CCN.
Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.
SOL prices jumped more than 41% over the last seven days. The token likely reacted to news of Solana's...
Our Partners
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.