4 Crypto Platforms Drop Support for XRP As Coinbase Reportedly Explores Its Options

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 loses 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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Altcoins Bleed Out against BTC as Selling Pressure Continues Mounting

  • Bitcoin has been on a wild ride throughout the past few weeks, and its parabolic growth trend is showing no signs of coming to an end anytime soon
  • Where the market trends in the mid-term should depend largely on Bitcoin and whether it can sustain its upwards trajectory
  • So far, altcoins have not been able to match or exceed the growth seen by BTC, with Ethereum’s severe underperformance potentially being one of the main factors behind this
  • One trader is noting that it is dangerous to be heavily exposed to altcoins while Bitcoin is “trailblazing” and that it may be better to sit back and wait before starting new altcoin positions

Bitcoin has been rallying independent from the rest of the crypto market, which has caused major altcoins like Ethereum to post massive losses against their Bitcoin trading pairs.

This trend has been ongoing for over a month now, with BTC’s uptrend happening in isolation of those seen by other, smaller, altcoins.

One trader is now noting that this trend could persist in the near-term while Bitcoin’s price continues rocketing. He contends that it is best to wait for BTC to stabilize before jumping into altcoins.

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Bitcoin Rallies Towards $26,000 as Altcoins Stall

At the time of writing, Bitcoin is trading up nearly 5% at its current price of $25,860. This is around the price at which it has been trading throughout the morning.

This marks a massive rise from daily lows of $24,000 set yesterday morning and shows that BTC is still in a firm price discovery phase.

However, its recent strength has not been enough to create tailwinds for altcoins, as most are still trading down significantly against their BTC pairs.

Analyst Warns against Knife Catching Falling Altcoins 

One trader explained in a recent post that investors are taking on major risks by jumping into altcoins right now.

He notes that altcoins typically cannot gain any serious momentum until Bitcoin cools off and enters a consolidation phase.

“Hope you all had a good Christmas. As expected, altcoins went through some wild chop following those wicks cutting up traders left and right. If there is one thing I’ve learned over the years is that you don’t want to be too aggressive on alts when BTC is trailblazing.”



Image Courtesy of DonAlt. Charts from TradingView.

It’s unclear as to just how far Bitcoin will rally before it sees some sideways trading and allows altcoins to move higher, but for the time being, its price action is putting altcoins in a precarious position.

Featured image from Unsplash.
Charts from TradingView.


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