On the 24th, Forbes reported that a spokesman for Coinbase, which boasts 40 million users, responded to Ripple that “we are currently thinking about various options.” Forbes quoted a source that “the exchange will delist Ripple because it could potentially be a violation of the law.”
Expert analyst Adams Cochran said on his Twitter that day, “I heard that Coinbase has already discussed the delisting of Ripple on Friday. It is not clear whether it will be redeemed for products like Coinbase Pro.”
◆ Stop trading in Ripple, Jumping Trading, Galaxy Digital, etc.
Ripple’s suffering does not end here. On the 23rd, The Block, a cryptocurrency-specialized medium, reported that the exchange liquidity provider Jumping Trading and Galaxy Digital, operated by Michael Novograz, ignored Ripple.
Jumping trading, which is said to be based in Chicago, but where most of the information is veiled, said it would no longer provide Ripple liquidity. A spokesman for Jumping Trading declined an accurate answer. Galaxy Digital announced that it will stop trading Ripple until the facts become more clear in the future.
After the SEC filed a lawsuit on Tuesday, many exchanges such as Bitquiz, OSL, and Cross Tower have stopped trading Ripple. Simplex, which supported integrated payments on exchanges such as Binance, Huobi, Kucoin, and BitPay, also decided not to support Ripple purchases.
Moneygram, the world’s second-largest remittance service provider after Western Union, drew a line with Ripple, which was charged with the SEC, in an official statement saying, “We have supported foreign exchange transactions, but have not relied on the Ripple ODL platform.” Moneygram has been supporting cross-border payments in four currencies using Ripple’s ODL since June last year. Ripple holds more than 4% of Moneygram. Ripple said Moneygram paid 52 million dollars in exchange for the use of ODL services.
CoinDesk, a media specializing in cryptocurrency, said, “When the SEC filed a lawsuit, the name of Moneygram was not directly revealed, but it was indirectly mentioned that Moneygram became another channel for Ripple’s sale of unregistered securities.” I think I drew a line to avoid it.”
◆ Ripple, money laundering… Manipulation
Adams Cochrane criticized him on his Twitter, saying, “There seems to be a problem with Ripple Bot’s money laundering system.” Ripple bots from various exchanges are randomly rotating their trading volume, which is exactly the same value.
As an example, he introduced, “Binance KR boasts more than $1 billion in Ripple trading volume a day, even though it closed its business due to low trading volumes.”
Cochrane also strongly criticized “It’s very fishy,” saying, “Even though Ripple collapsed by more than 40%, the average trading volume in December did not change.”