Phemex exchange suspends XRP trading from next week

Phemex exchange has announced that due to news of SEC lawsuit against Ripple Labs Inc and resulting actions by number of other cryptocurrency exchanges, Phemex has decided to suspend XRP from next week.

phemex exchange xrp

This means that starting January 4th 2021 at 3 AM UTC time, their XRP USD perpetual contract will only support reduce only orders or the closing of positions.

And on January 5th 2021 at 3AM UTC, all XRP USD positions will be closed based on mark price and all pending orders will be cancelled.

Contract trading will be suspended after this time. All XRP spot trading activities will be suspended.

So, if you still hold a position in XRP on Phemex exchange, we suggest you to liquidate it as soon as possible in order to avoid damages.

Binance USA, Coinbase and eToro have already announced their intention to delist XRP very soon from their exchanges. Bittrex too will be removing XRP from their exchange.

Ripple’s XRP token has fallen a lot in terms of value, dropping from 75c to 20c in span of 2 weeks. Investors have lost a lot of money due to this. XLM will following similar price action as both have Jed McCaleb as Co-Founder.

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