Most of the talk in the crypto community revolves around the digital currency XRP and the lawsuit brought by the US Securities and Exchange Commission against Ripple and its executives.

In the lawsuit, the lawsuit stated that Ripple was offering unregistered securities offerings worth $1.3 billion.

Significant drop in the price of the digital currency XRP:

Things are getting worse for Ripple and XRP.

The sharp decline in the price of the digital currency was evident as XRP fell below the support level of $0.31 and is estimated at the time of writing at $0.25, and its rank in terms of total market capitalization has fallen to fourth place behind Bitcoin, Ethereum and Tether.

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Things did not stop at the decline in the prices of the digital currency XRP, but rather, many crypto platforms and companies moved to stop supporting the digital currency XRP, in order to avoid direct exposure with the American regulator, the SEC.

These companies have either delisted the cryptocurrency XRP or suspended their support.

Below is a list of crypto exchanges that have already delisted XRP following the SEC lawsuit against Ripple:

Bitwise Asset Management Company:

announced Asset management firm Bitwise, which operates a San Francisco-based cryptocurrency fund, a few hours ago said it had discontinued support for the digital currency XRP.

Bitwise has liquidated the entire cryptocurrency XRP into its Crypto Index Fund and funneled the proceeds from the sale to other portfolio assets.

The decision to stop supporting XRP from Bitwise was the result of the Bitwise Fund not investing in any digital asset that is viewed as collateral under the Federal Securities Act.

As the lawsuit claims that XRP is a security, the fund manager immediately liquidates the asset.

CrossTower platform:

CrossTower is the first cryptocurrency exchange to remove XRP from its platform following news of the lawsuit against Ripple.

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announced CrossTower announced on Tuesday that it would suspend XRP trading only on the US exchange, and CrossTower allowed its users to continue withdrawing their XRP before the suspension process.

OSL Cryptocurrency Trading Platform:

announced Hong Kong-based cryptocurrency exchange OSL said yesterday that it will suspend every transaction involving the digital currency XRP, including trading and payment services, on all of its platforms until the issue is resolved.

The following was stated in her statement:

Please note: In light of the legal action taken by the US Securities and Exchange Commission against Ripple and 2 of its executives, we have suspended all XRP payments and trading services on the OSL platform.

The decision is effective immediately and until further notice.

Beaxy Cryptocurrency Trading Platform:

Chicago-based Beaxy has delisted the cryptocurrency XRP from its platform and immediately halted every trade involving cryptocurrency on the platform until further notice.

The platform still allows users to continue with their XRP withdrawals.

Beaxy has stated that it will resume all transactions involving XRP once a court determines that the cryptocurrency is not a security asset, the lawsuit alleges.

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What’s next?

The platforms and companies mentioned above in the list may not be among the heavy names in the crypto market, but if Coinbase or Binance, for example, decide to stop trading the digital currency XRP, here the decision will be more influential than what is currently happening.

Some analysts believe that the SEC is suing Ripple, and the role of the rest of the crypto companies will come, especially those that are active in the United States of America.

Garlinghouse responded to the SEC lawsuit by saying:

The lawsuit against Ripple is an assault on all cryptocurrencies.

Ripple will fight the charges brought against it by the SEC regarding XRP and prove its case.

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