Bitstamp to Suspend XRP Trading Due to SEC Lawsuit, Deposits in the U.S.

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  • After the  lawsuit against Bitstamp by the SEC, Ripple’s XRP dropped
  • Bitstamp has stopped the trading of XRP on their platform for U.S. customers
  • The individuals who produced XRP are almost the same as the individuals who created Ripple

Due to SEC lawsuit, the XRP trading for U.S. customers from January 2021 has been stopped by the cryptocurrency exchange Bitstamp. But even after the trading has been stopped, the U.S. customer will be able to withdraw their XRP. This halt is only for the U.S. customers, and other countries are not affected by this halt. 

The XRP is only halted on the Bitstamp exchange, XRP is available for U.S. customers on other cryptocurrencies exchanges. Bitstamp is the first cryptocurrency exchange which halted the XRP. Some of the fintech firms think that XRP and Ripple are two different cryptocurrencies and companies. The company Ripple always said that they are a building technology behind the XRP. 

Trading has been stopped for the U.S. customer’s

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As per the U.S. security and exchange commission, the Ripple has breached the section 5(a) and 5(c) of the Act of 1993, which means that the XRP has failed to register as security. In recent years the Ripple rose to $1.38 billion by selling XRP without granting the economical data. They said that Ripple uses this money to support its transaction without revealing it. 

The SEC saw this as it’s irregular to fund the subsidiary without informing the U.S. SEC. The XRP is run by a single entity, which was a precious move by someone. Several banks are using this cryptocurrency, and XRP has their own company, which increases the currency’s growth to a higher level.

Global effect on XRP

Some famous agencies think that XRP should be used as a currency or a medium of exchange. Ripple is trying everything to increase the price of the XRP, and they are willing to sell them, but it takes time to sell the XRP they have. In 2017 and 2018, Ripple paid a minimum of 10 crypto trading platforms to list and exchange XRP.

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Some sources said that the Ripple is moving their headquarters from the U.S., but the Ripple said that we would improve things that best suit our company. We don’t think it will affect Ripple’s market because it is a decentralised platform and the centralised entities are trying to prove that the decentralised cryptocurrencies are not as good as the Fiat currency. After news comes out the XRP is down to -34.95%, because the Bitstamp is the major exchange platform for the XRP and now we cannot trade XRP on Bitstamp. This loss is a minor loss for Ripple because other exchanges’ platforms are open for Ripple (XRP) to exchange and trade. 

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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