U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

XRP Gets Delisted from Crypto Exchange Owned by Japanese Messaging Giant LINE. Why Did It Happen?

News
Tue, 01/07/2020 - 07:39
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • Singapore-based exchange BITBOX, a unit of LINE Corp, mysteriously delists XRP

Cover image via 123rf.com
Contents

According to NewsEnquire CEO Jaymin Shah, cryptocurrency exchange BITBOX notified its users about delisting XRP, the third-largest cryptocurrency, from its platform.

XRP Price
image by @JayminSOfficial

The Singapore-based exchange did not elaborate on why they decided to purge XRP. In its statement, BITBOX mentioned the main reasons why assets could get delisted from its exchange such as poor performance, lack of liquidity, and regulatory issues.

Some of BITBOX customers are already threatening to close their accounts with the exchange that ditched their favorite cryptocurrency. 

Must Read
Ripple's XRP to Be Used for Cross-Border Payments in Southeast Asia, Latin America, and Africa - READ MORE

A blow to XRP in its major market 

BITBOX is owned by LINE Corp, a popular social networking application in Japan with approximately 700 mln users worldwide. The exchange was launched back in July 2018 in Singapore. In 2019, LINE also launched a new crypto exchange called BitMAX for Japanese customers.  

Considering that Ripple has a strong presence in the Asian market, the announcement must be surprising for the XRP community. As reported by U.Today, CipherTrace CEO David Jevans made a bombshell revelation that almost every Japanese bank was working with XRP. 

Ripple is also a strong advocate for regulatory clarity around the globe. In July 2019, the company's CEO Brad Garlinghouse penned a letter to U.S. Congress to make a case for "responsible actors" while urging lawmakers not to paint all digital assets with one broad brush. 

Must Read
Ripple CTO Compares XRP to iPhone - READ MORE

XRP goes through the roof 

While the token's price performance might be severely underwhelming, the delisting inconveniently came right after the XRP price pumped by more than 12 percent after months of bleeding. On Jan. 6, XRP became the top performer among the biggest cryptocurrencies by market capitalization. CoinStats data shows that the token is currently trading at $0.215

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Recommended articles
Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

News
Wed, 04/01/2020 - 08:27
Put your
crypto to
work
  • 1.30

    Interest per week

  • 67.5

    Interest per year

  • 3.60

    Interest rate

Join Now!
Sponsored by Celsius.Network
  • It is the first day of the month and Ripple has released one billion XRP from its escrow wallet. The community traditionally expects a price drop after such massive dumps

Cover image via stock.adobe.com

It is the first day of another month – this means that Ripple has lavishly thrown XRP from its escrow wallet – one billion coins. Since the start of 2020, this monthly dragon-sized amount was withdrawn in two portions of 500 mln XRP each.

XRP escrow
Image via Twitter

While the XRP price is in the green zone, trading at $0.173095 on CoinMarketCap, the comments under the tweets about the XRP release signify that the community is either indifferent (having got used to these releases already) or is expecting another price drop in the short term.

In January 2018, XRP, the third-largest cryptocurrency, reached an all-time high of nearly $3. Since then, XRP has been light years away from the ATH.

Must Read
Ripple's Xpring Wants to Make XRP Transactions Private. Is This Possible? - READ MORE

Many skeptics say that the XRP price is not going to rise even in the long term, mocking those who remain faithful, holding bags of the coin.

As earlier reported by U.Today, many in the community believe that regular XRP releases made by Ripple prevent the price from rising and reaching at least $1. In 2019, a petition was set up on Change.org by crypto influencer ‘Crypto_Bitlord’ who wanted Ripple to stop dumping XRP.

Curiously, later on, another petition appeared on the same platform, requesting Ripple to accelerate the release of XRP in order to increase the coin’s adoption, which would assumingly lead to a massive price surge.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

Recommended articles
Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Ripple Unleashes One Bln XRP from Escrow, Community Expects Price to Drop

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Mike Novogratz Says 'Buy Bitcoin,' Warns About Money Growing on Trees

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge

Safe Haven? Bitcoin (BTC) Greatly Outperforms Stocks in Q1 Despite Price Plunge