Cryptocurrency exchange BITBOX, owned by Japanese messaging giant LINE is all set to delist Ripple’s XRP. The Singapore-based exchange announced on January 6, 2020, that it will be eliminating all XRP trading pairs from its platform from January 16, 2020. The news comes as a huge surprise considering the fact that Ripple has a strong foothold in Japan with so many banks utilizing Ripple’s On-Demand Liquidity.
Nonetheless, XRP has been the best performer recently after surging by over 15% in a span of just two days.
XRP Gets Booted Out Of BITBOX Exchange
BITBOX announced that it will delist XRP as well as all pairs traded against Bitcoin (XRP/BTC), ethereum (XRP/ETH) and Tether (USDT). As such, XRP traders on the platform will not be able to trade or make deposits after January 16, 2020. They will also be given up to February 16 to withdraw their XRP holdings from the exchange and all the unfilled orders that will be affected by the delisting will be canceled.
BITBOX did not give the exact reason for delisting XRP but noted that it closely monitors cryptocurrencies listed on the platform and delists any crypto that fails to meet its terms for liquidity, performance, reliability and regulatory requirements.
“We keep a constant watch on all coins that are being traded on BITBOX. If a coin does not meet our standards based on its performance, reliability, liquidity or law and regulatory requirements, it will be delisted from our exchange. To protect your assets and interests, we provide sufficient notice before delisting.”
Given that LINE has a huge customer base in Japan and Korea, the news about delisting XRP could have a notable negative effect on the retail trading of the digital asset in Asia. Regardless, XRP’s price has been on a roll in the last few days.
XRP Bulls Closing Ranks
XRP has made a much-needed recovery back above $0.21, with the coin gaining roughly 15 percent in just two days. According to market observers, the bulls were further encouraged by the recent Binance Futures announcement about the launch of XRP perpetual contracts which will offer up to 75x leverage. Following this announcement, XRP rallied by more than 10 percent to as high as $0.223832.
At press time, XRP has gained 3.15 percent in the last 24 hours to exchange hands at $0.216419 per coin and is among the best-performing assets in the top ten.