As was easily predictable, the great escape of the exchange da Ripple. Indeed, more and more are suspending the trading of XRP for its customers scattered throughout the United States.
A completely logical decision in light of the cause filed by the Securities and Exchange Commission against the company led by Brad Garlinghouse. Due to the sale of unauthorized securities for an amount of $ 1,3 billion, to be added to those alienated periodically by the company to influence the price of XRP.
After Bitstamp and Coinbase, now it's the turn of Bittrex to delist XRP from its trading platform. The exclusion will happen next ! starting at 4.00 and with its announcement the list of companies in the sector which have decided to break away from Ripple, in order not to be involved in presumable legal actions that could be decided by the SEC against those who want to continue their business with the company. Customers will still be able to access their XRP wallets on the platform, pending new communications from Bittrex.
The announcement in this regard appeared on Twitter and it should be remembered how Bittrex had already found itself in friction with the authorities in the 2019. When he was lost the license to operate from the State of New York. Experience that, with all evidence, the company does not intend to repeat.
The lawsuit will begin on February 22
Meanwhile, it became known that the New York Southern District Court set the start date of the lawsuit between the SEC and Ripple Labs. Fixing it to the 22 next February, at 10. In a letter that was filed yesterday at the court, the judge Analisa Torres in fact, he scheduled an "initial preliminary conference" for the case that day.
In particular, Judge Torres ordered lawyers from both sides to attend the conference. Also ordering them to submit a joint letter one week before the letter. In which the case should be described, the accusations and defense arguments, as well as any contemplated motions. Plus there would be too space for agreement, although at the moment the SEC seems willing to move forward without any restraint.
The landslide of XRP on the markets continues unabated
While the stages of the judicial procedure are being clarified, the Via Crucis of XRP continues on the markets. Since the Securities and Exchange Commission announced its decision to proceed against Ripple Labs, in fact, the token has lost two thirds of its value. So much so that it also lost the fourth place held so far in the ranking relating to capitalization, to the advantage of Tether.
A landslide which, however, is quite easy to predict that it is not finished. The decision of the exchanges makes us understand how very hard times are preparing for XRP. Also stemming from Brad Garlinghouse's attitude and his call to arms for the entire crypto space. An appeal which, however, has so far gone deserted. On the one hand, there is the fear of negative consequences in a confrontation with the SEC for now limited to Ripple. On the other hand, the obvious annoyance for a way of acting, that of Garlinghouse, which resembles the classic elephant walk in a glassware. With the pieces, however, which seem destined to be collected exclusively by Ripple.