XRP price fell 41% on Binance over the past three days as news of the lawsuit by the United States Securities and Exchange Commission against Ripple became apparent. As a result, several small exchanges have already halted XRP trading.
So far, three small exchanges, namely OSL, Beaxy, and CrossTower have either temporarily stopped trading or removed XRP.
Brad Garlinghouse, the CEO of Ripple, said he would “aggressively fight” and “prove our case” with co-founder Chris Larsen.
Garlinghouse emphasized that he has the option to individually settle with the SEC, but has decided not to take that route. Hence, the final court decision in the U.S. is needed to officially conclude whether XRP is or is not a security.
Some exchanges will likely halt trading in the foreseeable future until the formal court decision gets released. OSL, an over-the-counter and cryptocurrency exchange in Asia, said:
“In light of the U.S. Securities and Exchange Commission’s enforcement action against Ripple Labs Inc. and two of its executives, we have suspended all $XRP payment in and trading services on the OSL platform, effective immediately and until further notice.”
XRP Rallies by More Than 7% in 24 Hours
XRP has been rallying over the past 24 hours and is currently up by more than 7% during that period. At press time, XRP is trading at $0.795 per coin. The technical indicators are bearish at the moment but are improving, thanks to XRP’s ongoing rally.
The MACD line is below the neutral zone but is slowly moving into the positive territory. The RSI of 46 shows that XRP is now out of the oversold region. If the rally continues, XRP could break past its 50-day moving average price of $0.8620 soon.