Four crypto exchanges are suspending support for XRP.
In light of the U.S. Securities and Exchange Commission’s (SEC) impending lawsuit against Ripple, some crypto exchanges have either halted trading for XRP and/or dropped the asset from their platform entirely.
The first to officially change their policies toward XRP are Bitstamp, OSL, Beaxy Exchange and CrossTower.
Bitstamp has suspended trading and deposits for US customers, Beaxy and Hong Kong-based OSL have indefinitely suspended trading and CrossTower says it has removed XRP from its US trading platform entirely at this point in time.
All exchanges say users are still be able to withdraw their XRP.
As for Coinbase, a spokesperson of the US-based crypto exchange tells Forbes that the crypto exchange is “considering its options” in the face of Ripple’s legal issues.
Some high-profile crypto analysts are also wary of Ripple’s native token, warning their followers that jumping into the asset now is an unnecessary risk especially when there are other solid projects not facing lawsuits that could provide investors with value.
Scott Melker, also known as The Wolf of All Streets, tells his 150,000 Twitter followers that buying XRP now is a risky proposition.
“Trading XRP right now is the equivalent of buying Enron in 2001. Why even bother or take the risk?
There are literally thousands of coins to trade and people are magically gravitating towards the one that is being publicly sued by the SEC.”
Top crypto analyst Michaël van de Poppe also warns his YouTube viewers that investing in XRP at this time could be a difficult route.
“Given that we’ve gotten this low in basically one daily candle and given that there is the lawsuit from the SEC… I would definitely not go in for such a risky approach at this point especially given that there are so many altcoins right now at a very interesting level that give way more potential than XRP.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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