When the US Securities and Exchange Commission announced it had filed a lawsuit against Ripple for the sale of a stock, the XRP market collapsed. There quotation of the token suffered a severe blow, with billions of dollars lost in just a few days.
And then the delistings came
Top exchanges such as Coinbase, Binance and Kraken have either stopped trading the cryptocurrency or removed it from the list. One by one, they are now releasing XRP and the latest is TaoTao, a Japanese exchange.
TaoTao recently announced that it would be releasing the cryptocurrency, which has now dropped to seventh on the charts by market cap. The Japanese trading platform will enable all XRP services on September 22nd at 16pm local time.
A Yahoo Japan report reveals that the exchange will perform routine maintenance first on that date. It will therefore offer trading pairs based on Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
TaoTao launched in May 2019, having previously offered its services as BitARG. At the time, it was partly owned by YJFX, a subsidiary of Yahoo Japan. In October last year, it was acquired by the SBI Group, a loyal partner and supporter of Ripple and XRP. This happened after the acquisition talks with Binance practically hit a wall.
The SEC case could make or break XRP
TaoTao joins a number of exchanges that have now relisted XRP, including Phemex and Japan's Rakuten Exchange. However, major exchanges refrained from making the move and instead chose to await the completion of the legal confrontation with the SEC.
Recently, Coinbase was involved in a short-lived relocation incident after a glitch in its professional trading platform showed it had made the leap. The exchange would come out to refute the news, much to the disappointment of the "XRP Army" and shortly after, the price plunged 10 percent.
The continuing distance that major exchanges like Coinbase, Kraken, OKEx and Binance have placed between them and XRP shows just how significant the current legal battle is for the future of cryptocurrency. If the SEC wins and XRP is declared a stock, that would effectively exclude the token from virtually all major exchanges operating in the United States.
XRP's price has continued to struggle since the SEC set its sights on Ripple. As reported by the CNF, there are many experts who believe that the token will never recover from the legal battle.
Last week, XRP fell 18% and, as of press time, is trading at $ 1,07, 70% below its all-time high of $ 3,84 it set over three and a half years ago.
