Investment firms Galaxy Digital and Jump Trading have <a href="https://decrypt.co/52547/galaxy-digital-and-jump-trading-cut-ties-with-xrp-reports">reportedly</a> stopped making markets in XRP. The move comes following U.S. SEC filing a $1.3 billion lawsuit against Ripple. The price of XRP has since crashed amid exchanges withdrawing trading for the cryptocurrency. Market making means providing liquidity to cryptocurrency exchanges.
<h2>Galaxy Digital, Jump Trading Stops Market Making in XRP</h2>
Galaxy Digital is a New York-based crypto market maker headed by billionaire Mike Novogratz. The crypto firm currently manages over $400 million in assets.  The firm recently saw volumes over $1.4 billion in its third quarter. Meanwhile, Jump Trading is a quantitative trading firm notable in the industry for providing liquidity to crypto exchanges. Both the trading desks have stopped making markets in XRP.

As per reports, Galaxy Digital indicated that they would withdraw trading the digital asset until it is clear where XRP stands under regulatory grounds.

Meanwhile, <a href="https://www.cryptoknowmics.com/news/three-exchanges-stops-xrp-trading-after-sec-filed-against-ripple/">crypto exchanges</a> such as OSL, CrossTower, and Beaxy have already stopped selling XRP following Ripple’s high-profile lawsuit.

A number of crypto firms have stopped providing XRP support for their products. Likewise, Bitwise also said that they would liquidate their Crypto Index Fund’s 3.8% holdings in XRP.

Despite XRP being the fourth-largest cryptocurrency by market cap, the price of the digital asset has since crashed. The price dip comes largely due to SEC’s enforcement charges against the company and the legal drama followed by it.
<h2>XRP Down by More Than 63% From its 30-day High
</h2>
Ripple was recently valued at $10 billion following a $200 million funding round. Technically, Ripple and the XRP token are separate, although <a href="https://www.cryptoknowmics.com/news/ripple-planning-aggressive-expansion-of-xrp-by-starting-of-2021/">Ripple</a> maintains a significant total of the currency’s market cap.

According to CoinMarketCap, the XRP token’s value has declined by more than 42% in the past 24 hours. The cryptocurrency has been down more than 63% from its 30-day high of $0.76. XRP is currently trading at just under $0.27 at the time of publication.

As per SEC’s allegations, XRP’s parent company Ripple Labs conducted an initial coin offering to launch XRP. The sale according to SEC is considered as an unregistered sale of securities having raised $1.3 billion since 2013.

Galaxy Digital and Jump Trading Halts Market Making in XRP

Investment firms Galaxy Digital and Jump Trading have reportedly stopped making markets in XRP, following SEC filing a $1.3 billion lawsuit against Ripple.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Galaxy Digital and Jump Trading Halts Market Making in XRP

Top Picks