Friends of sunny days disappear in times of uncertainty. Ripple (XRP) is losing its allies who supported it before its legal woes with the SEC began. Galaxy Digital and Jump Trading are turning their backs on Brad Garlinghouse’s crypto. XRP has become an outcast on many exchanges.
Will the SEC end up putting Ripple on the straw?
According to the site The Block Crypto, Galaxy digital and Jump Trading would have ceased their market marker activities for the XRP.
The main reason given is not surprisingly, the legal proceedings against Ripple. The SEC has in fact filed a complaint against the company for having carried out an unregistered securities offering for an amount of 1.3 billion dollars.
3 exchanges – CrossTower, Beaxy and OSL – would also have stopped trading XRP, and Bitwise would have liquidated all his XRP.
Observers indicate that the conviction of Ripple could create significant risks for exchanges that retain the XRP in their listing. Smaller organizations preferred to reduce risk now.
Dropped by the grown-ups, the nightmare has only just begun
Galaxy digital is a major investment company based in New York and led by the bitcoin bull, Mike Novogratz. It would have $ 400 million in assets under its management.
A spokesperson for Galaxy digital indicated that trading XRP was temporarily suspended until the situation of Ripple be clarified.
Jump Trading is one of the busiest companies in the industry and is well known as a liquidity provider for exchanges. He has not issued any official statement on the case of Ripple.
The XRP was the 4th cryptocurrency in terms of market capitalization. The high-profile announcement of these lawsuits resulted in a significant drop in the price of XRP and its preeminence in the market has diminished considerably.
The rats leave the XRP ship which doesn’t even sink yet. It only took an iceberg to tip its nose for the crypto players to put the lifeboats into the sea, hoping they will be there to SEC. Galaxy Digital and Jump Trading cut ties with Ripple. Is the bleeding just beginning? Like what, in business there are no friends: there are only partners who are not ready to get wet to prevent the other from being DRY when he is mired in problems major.
Litecoin, welcome in the Silver Age