Crypto-friendly app Revolut is reportedly issuing a strong warning to its customers about trading XRP. According to news outlet Irish Times, the fintech firm has sent out a notice to its users to be careful about buying and selling XRP.
The firm made it clear that it was possible for the firm to delist or restrict trading of XRP at any time with little or no notice. Revolut went on to warn investors that their funds could be stuck without any means to sell their XRP holdings even if the price of one token falls to zero “in a worst-case scenario.”
The fintech firm through a statement advised users to always keep a keen eye on their crypto holdings especially XRP.
“It’s important that you constantly reassess your crypto holdings, specifically XRP, and whether you remain comfortable with the associated risks.”
Revolut users have been left unable to trade within the app thanks to recent changes by the SEC which made it impossible to send or receive XRP from third-party wallets. Revolut is of the opinion that the SEC’s recent directives could cause liquidity on some of its partner exchanges as they race to delist XRP.
Crypto exchanges like Coinbase and Bittrex have announced that they will suspend XRP trading this week in response to the SEC taking legal action against Ripple. The commission has charged Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen with conducting “unregistered, ongoing digital asset securities offering” in selling XRP tokens.
Revolut has seen an increased level of investment in the past year occasioned in part by COVID-19 related lockdowns. Revolut users held roughly $120 million worth of crypto in 2019 despite the fintech firm reporting massive losses in the same year. As XRP prepares to fend off the attacks leveled against it by the SEC, the XRP community is working to back up the company. The next month will give us an idea of what lies ahead for XRP.
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