Crypto Asset Manager Grayscale Dumps XRP Amid Ripple-SEC Legal Fiasco

Grayscale's official AUM report for Wednesday

Grayscale's official AUM report for Wednesday

Ripple faces another lawsuit after the recent SEC action against the company.

Uphold, a crypto exchange operator and payments processor announced in a press release on Monday that it will not be delisting XRP despite its ongoing woes with the SEC. Tetragon Financial Group Ltd. filed the complaint on January 4th in Delaware Chancery Court and is looking to enforce its contractual right that requires Ripple to redeem the Series C preferred stock owned by Tetragon. Since the news broke regarding the SEC lawsuit, several digital currency exchanges and OTC desks have made announcements saying that they would no longer support XRP trading pairs. Following the liquidation of the XRP holdings in the fund, the funds were used to purchase more Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH).

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But Blockchain.com is only the latest in the line of smaller and larger exchanges and wallets, such as Coinbase, Bitstamp, and Bittrex, who made a decision to stop trading XRP in the US.

Meanwhile, Seamus Donoghue, VP Sales and Business Development of METACO, argued that "the fall of XRP demonstrates the newfound strength of the crypto market", as, were the lawsuit taken place in 2017, "the news would have crashed the entire crypto market and we would have seen a flight of capital out of crypto".

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This is the first major lawsuit against Ripple since the SEC sued Ripple Labs Inc. for conducting a $1.3 billion unregistered securities offering.

Blockchain.com, a popular blockchain explorer as well as a crypto wallet has joined the growing list of platforms delisting XRP trading services in the wake of the SEC lawsuit against Ripple and two of its executives. Last week, Coinbase announced that it would stop selling XRP to its USA users much like many other crypto service providers such as Grayscale which has removed XRP from its Digital Large Cap Fund on Monday.

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And now, a United Kingdom investment company Tetragon Financial Group Ltd. sued Ripple, reported Bloomberg. This uncertainty plunged XRP's price from highs of 0.57 to a range below 0.25 as of press time.

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