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Market Musings

Buying Things with XRP Is about to Get a Lot More Difficult

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Published on:
January 13, 2021

CoinGate has announced that it will no longer be processing payments made with this altcoin from Jan. 15.

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Buying things online using XRP is about to get a little bit harder.

 

CoinGate has announced that it will no longer be processing payments made with this altcoin from Jan. 15.

 

However, the company stressed that merchants who have already collected funds in XRP “are safe and valid for withdrawal.”

 

Unsurprisingly, the announcement was met with bemusement from several XRP enthusiasts on Twitter.

 

One of them shared a GIF that said: “I feel like you’re making a big mistake here.”

 

CoinGate’s move comes as Ripple gears up for a lawsuit with the U.S. Securities and Exchange Commission concerning the sale of XRP tokens.

 

Last week, Ripple CEO Brad Garlinghouse sought to answer some “key questions” about the legal action on Twitter — and he described the SEC’s allegation as “unlawful.”

 

Several exchanges have also announced that they are delisting XRP, with Grayscale Investments removing XRP from its Digital Large Cap Fund.

 

Of course, the markets can be an unpredictable thing. After crashing in late December, XRP suddenly staged a dramatic bounceback and surged above $0.30 on Jan. 7.

 

Despite concerns that this was a “dead cat bounce,” and the gains would be short lived, the world’s No. 4 cryptocurrency remains around the $0.30 mark — a big improvement after reaching lows of $0.1748 on Dec. 29.

 

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