XRP Fights Delisting Announcements, Cryptocurrency Price Stays above $0.20


XRP price stayed above the important level of $0.20 despite the latest delisting announcement by Binance US. More than 10 cryptocurrency exchanges have announced delisting of XRP so far after the SEC’s lawsuit against Ripple.

According to the latest announcement by Binance US, the cryptocurrency exchange will suspend XRP trading and deposits from 13 January 2021. Binance joined Coinbase, Bittrex, Crypto.com, Crosstower and other leading exchanges in XRP delisting. However, after crashing more than 60% in the last 10 days, the price of XRP discovered strong support holding its value at around $0.20.

Earlier this week, leading cryptocurrency exchanges including Coinbase and Bittrex announced the suspension of XRP trading. In view of the recent suspension and delisting, Ripple issued a statement against the SEC’s allegation and termed the action of the US regulator an attack on the entire crypto community. Additionally, Ripple mentioned that the company will fight the case with full force. The world’s fourth-largest cryptocurrency reacted positively to the news and jumped more than 20%.

XRP’s Price Action

Despite all the negative news, the price of XRP is currently trading at around $0.21, as the cryptocurrency showed resistance in the last few days. The cryptocurrency is still up more than 10% in 2020. XRP received strong support from Japan as the country refused to categorize the world’s fourth-largest cryptocurrency as a security. The cryptocurrency received backing from the XRP community and despite the panic among retail investors, the price of cryptocurrency found support near the $0.20 level.

The crypto market gained significant value in December as the total market cap jumped above $760 billion for the first time since January 2018. Bitcoin remained the most valuable cryptocurrency with a $540 billion market cap. The price of Bitcoin is currently trading around $29,000, up from $19,000 at the start of this month. Ethereum also recorded substantial gains this month as the second-largest cryptocurrency jumped from $600 to $742 in December. Ethereum currently has a market cap of nearly $84 billion.

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