LINE-owned BITBOX says it will delist all XRP trading pairs from its platform by mid-January 2020. Meanwhile, the third-ranked crypto by market capitalization continues to enjoy a positive start to the year.
BITBOX Ditches XRP Over Liquidity Concerns
In a statement issued on its website on Monday (January 6, 2020), BITBOX announced its decision to delist XRP. According to the blog post, the LINE-owned crypto exchange will remove its three listed XRP trading pairs — XRP/BTC, XRP/ETH, and XRP/USDT.
As part of the announcement, BITBOX revealed that XRP no longer met its listing standards. An excerpt from the blog post reads:
If a coin does not meet our standards based on its performance, reliability, liquidity, or law and regulatory requirements, it will be delisted from our exchange. To protect your assets and interests, we provide sufficient notice before delisting.
XRP traders on BITBOX have until mid-February to withdraw their holdings from the platform. The crypto exchange says it will begin the delisting process on January 16, 2020, after which deposits and trading will be disabled. BITBOX says it will also cancel all unfiled XRP orders once the delisting process begins
Ripple’s Token is Biggest Gainer Among Major Altcoins
The news of BITBOX delisting might put a dent on XRP’s retail trading activity in the Asian market given the popularity of the altcoin in the region. LINE, owners of the exchange platform is the largest social media platform in Japan.
However, while BITBOX is delisting Ripple’s token, a major U.S. broker might be looking to list the third-ranked crypto in 2020. As previously reported by Bitcoinist, prominent online broker, TD Ameritrade says it is still exploring the possibility of adding the crypto to its trading catalog.
On the spot market side, the crypto is experiencing a mini-resurgence since the start of the year, gaining 15% in the first week of 2020. Much of the growth occurred following the announcement by Binance of an XRP perpetual contract futures product with 75x leverage leading.
The timing of the price boost and Binance’s announcement also led to speculation of insider trading. Currently, XRP is the top-performing crypto in the top-10 with a 24-hour price performance even greater than bitcoin, with the latter looking to test the $8,000 mark again.
Will the decision by BITBOX to delist Ripple’s token affect the token’s performance in the Asian market? Let us know in the comments below.
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