Revolut App Warns Users That Their XRP Funds Could Be “Stuck”

The crypto-friendly Revolut app warns its users that their XRP Funds could be stuck in a “worst-case scenario.” Let’s find out more in today’s XRP news.

The Revolut app warns it users regarding buying and selling XRP. According to the news outlet The Irish Times, the company sent out a notice to its uses saying that it Is still possible for the company to delist or to restrict trading on XRP with little or no notice. Revolut warned that the users’ funds with XRP holdings could be stuck without the means to sell tokens even if the price falls to Zero:

 “It’s important that you constantly reassess your crypto holdings, specifically XRP, and whether you remain comfortable with the associated risks.”

Revolut users are limited to trading in the app and cannot send or receive crypto from third-party wallets. The company said that the recent charges from the US Securities and Exchange Commission could cause liquidity on some of the partner crypto exchanges to drop since they delisted the token and left the crypto-friendly app unable to purchase or to sell XRP.

A number of crypto exchanges like Coinbase announced that they will suspend all XRP Trading starting this week, in a response to the SEC taking legal action against Ripple. The commission charged Ripple and its co-founders Chris Larsen and Brad Garlinghouse with conducting an “unregistered, ongoing, digital asset securities offering” in selling the tokens.

Last year, the United Kingdom-based money app expanded in Australia and the United States to speed up the growing interest in crypto during the COVID-19 related lockdowns. The crypto-friendly app said that Revolut users hold about $120 million worth of crypto back in 2019 despite the company reporting losses the same year. at the time of publication, the price of XRP was set at $0.23 and it increased 2.6% in the past day.

As recently reported, The Uphold crypto exchange announced today that it will not delist XRP and will stand behind Ripple, despite the ongoing SEC lawsuit and CEO JP Thieriot said that SEC’s action could have dire consequences for the market as a whole.  Most leading US crypto exchanges already decided to remove, delist or halt XRP Trading. Most crypto investors and traders had a lot of reasons to celebrate in December and sometime in 2021 as well. But the XRP Army is looking wounded after the US SEC filed a suit against the crypto payments company Ripple, alleging that their native coin is in fact security and that the company’s sales were illegal.