XRP suffered a $127 Billion Loss in Less than Three Years
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XRP suffered a $ 127 billion loss in less than three years
Analysts call XRP the third largest corporate crash since the 2008 crisis. Cryptocurrency exchanges and investment companies stop supporting Ripple`s token in the US and other countries.
According to Joshua Frank of cryptocurrency research firm The TIE, the project is experiencing a collapse similar to the largest corporate scandals and disasters in recent history.
XRP’s market capitalization dropped 93% from $ 137 billion reached during its 2018 peak to $ 10 billion. This makes the fall of the cryptocurrency project comparable to the collapse of large financial institutions.
XRP's market cap has fallen by 93% from $137B to under $10B. That makes the value of the XRP collapse bigger than Enron and Worldcom.
While not a bankruptcy, XRP is effectively the third largest collapse of all time behind Lehman Brothers and Washington Mutual.
— Joshua Frank (@Joshua_Frank_) December 30, 2020
At the peak of the crypto rally in January 2018, XRP’s market capitalization was roughly $ 137 billion. In December of this year, it fell below $ 10 billion, which means a loss of $ 127 billion in less than three years.
26 crypto exchanges have stopped supporting XRP
As Ripple prepares for litigation with the US Securities and Exchange Commission (SEC), the list of cryptocurrency platforms that are ditching XRP support is growing.
Analysts have counted 26 companies that have changed their XRP policies after accusations that the asset could be an unregistered security.
Each crypto exchange sets its own rules for the sale or exchange of a digital asset. While some companies have stopped supporting the asset only on US platforms, others have suspended the token trading around the world. Also, individual cryptocurrency exchanges have excluded the asset entirely.
For example, crypto exchanges Bitstamp, Abra, Stex, and eToro, together with the B2C2 market maker, have suspended XRP trading in the United States. The list of crypto exchanges that have completely excluded tokens from platforms for US residents includes BinanceUS, CrossTower, Crypto.com, and Bittrex. Crypto wallet Swipe has also delisted XRP.
Exchanges Coinbase, Beaxy, OSL, OKCoin, Ziglu, and iTrustCapital also suspend trading in the native Ripple token, but they do so in almost all countries of presence. Market makers Jump Trading and Galaxy Digital take the same approach. The Eobot trading platform is the only exchange to exclude XRP globally.
Asset manager 21shares also delisted globally, as did Sarson Funds, which liquidated its positions along with fellow crypto asset manager Bitwise.
Institutional players have also begun to distance themselves from XRP. Grayscale Investments states that “the private placement of the XRP Trust is currently closed,” and it is believed that the firm will no longer process applications for the XRP Trust.
Cryptocurrency company Simplex blocks XRP transactions worldwide, while payment company Wirex excludes XRP payments for US citizens only.
Brokers Genesis Trading and Bitcoin Suisse have dropped the token support entirely.
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