The most surprising thing is how little this announcement has moved the USD exchange rate (~$0.25). That rate is about where it was last month.<p><a href="https://www.tradingview.com/symbols/XRPUSD/?exchange=BITFINEX" rel="nofollow">https://www.tradingview.com/symbols/XRPUSD/?exchange=BITFINE...</a><p>Yes, there was a big run-up, but that was largely drafting off the increase in the bitcoin exchange rate. The real test will be how much further XRP drops (or doesn't) from here.
Terrible news for XRP and Ripple but nobody can be surprised by this. Next up we may see the delisting of some stable coins given the SEC's advice about establishing a nexus in the US. I'm not sure how this will work for a decentralized coin like maker / dai, so perhaps this is the end for them. However, this seems consistent with other regulation since they operate like an autonomous fx swap fund.
This is the paradox of wanting crypto to be both widespread and free of government influence. It cannot gain "market share" without interacting in some form or fashion with the regulatory structures already in place, putting it under de facto regulation of any jurisdiction of the people who want to use it.
IMHO good move for the ecosystem overall.<p>Beyond that, the formulation is really funny (bad?) though:<p>> Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time<p>Assuming limit only == post only orders (which sounds like it in the sentence), how do you expect the trading to work?
Price chart: <a href="https://www.coindesk.com/price/xrp" rel="nofollow">https://www.coindesk.com/price/xrp</a> down about 18%.
They never should have allowed it in the first place. By testing the waters of trading custodial currencies they were really pushing the limits.<p>BTC has been a joke ever since the GitHub repo was hijacked by Blockstream and Adam Back. The only interesting cryptocurrencies are Ethereum, Bitcoin Cash and Monero. The rest are either obvious scams or dead ends at this point.<p>A lot of people were holding out hope for decentalized storage projects like FileCoin but that project now seems to be dead in the water as well.
As soon as Bitcoin market cap starts shooting up, the SEC starts banning coins and increasing regulation. It’s a correlation as clear as day. The US government is actively trying to suppress Bitcoin/crypto growth. This is no coincidence