As was easily imaginable, however Ripple the road is getting narrower and more winding. After notification of the cause raised by the Securities and Exchange Commission, crypto industry companies have begun to separate their fate from that of XRP. With easily predictable consequences, at the listing level.
The last big name to have cut ties with the company headed by Brad Garlinghouse is Coinbase. At least for now, as the landslide seems destined to continue.
Coinbase has decided to suspend trading related to XRP starting from January 19th, at 10. A completely logical decision in light of what is happening.
At first, the news of the removal of the token from the exchange platform spread, but it turned out to be exaggerated. In fact, those who hold XRP in their wallets will still have access to the funds. Although it remains difficult to understand why to keep an asset that predictably will have one notable drop in terms of price.
Coinbase is just the latest exchange to proceed against XRP
Coinbase is only the latest exchange platform to have decided to move in order not to remain under the rubble, after the SEC attack on Ripple. Previously, XRP trading had been suspended for US users from Bitstamp, Beaxy, CrossTower, OKCoin and OSL.
In hindsight, this is a completely normal precaution, considering how continuing the trade of XRP in the United States would expose the exchange retaliatory actions by the financial market supervisory authorities. An eventuality that will shake the wrists of even the largest companies. Which, not surprisingly, are running away.
Brad Garlinghouse's appeal appears to have had the opposite effect
What is happening goes in the opposite direction to that indicated by Brad Garlinghouse. Ripple's CEO, in fact, reacted with real fury to the news of the lawsuit filed by the Securities and Exchange Commission. Basically calling the entire crypto sector to a crusade, which he said was the real target of the attack.
An improvised attitude, as it is destined to concentrate the media focus even more on Ripple. Moreover, at a time when the token price continues to decline with great decision. As the -42% cashed since the SEC made public its intention to take the company to court for violating the rules governing the sale of securities on US soil.
The industry's response to Garlinghouse's words
Having decided to give a political coloring to what, after all, remains a simple judicial issue, has in fact had effects contrary to those expected by Garlinghouse. As the case of exchanges shows, but not only, considering how funds that invest in crypto are also detaching from XRP.
Also because precisely the world called to the call has always been at the least skeptical about Ripple. Accusing the company of never bringing anything innovative to the industry, as it did for example Samson Mow, CEO of Blockstream.
A judgment which has been added to the many criticisms of Ripple's monetary policy, which continues to sell tokens to stabilize the price of XRP. A policy similar to that of central banks which in practice breaks the principle of decentralization on which cryptocurrencies are based.