Ripple Is Facing A Major Blow In Japan After XRP’s 15% Price Surge

Japan is now seriously threatening the Ripple (XRP) ecosystem. In today’s cryptonews, we can see that the native cryptocurrency behind Ripple increased more than 15% in merely two days – and Japan’s BITBOX exchange decided to delist it. As Ripple is facing a major blow with BITBOX potentially banning it, we can see that the exchange is operated by the biggest messaging app in Japan, LINE Messenger.
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This decision surprised a lot of crypto traders. In a standard statement, BITBOX said that it actively observes every cryptocurrency listed on the exchange. If one coin fails to meet the standards on performance, reliability, liquidity or regulatory requirements, it said that it will delist.

“We keep a constant watch on all coins that are being traded on BITBOX. If a coin does not meet our standards based on its performance, reliability, liquidity, or law and regulatory requirements, it will be delisted from our exchange. To protect your assets and interests, we provide sufficient notice before delisting,” said BITBOX.

The Ripple XRP news now show that since 2018, especially with the involvement of SBI Holdings in the creation of SBI Ripple Asia, a consortium of local banks utilizing XRP for payments has maintained strong presence in Japan.

Hence, the major issue with XRP on BITBOX is likely to have been the liquidity and overall volume. Ripple is facing a major blow in Japan following BITBOX’s decision and analysts predict other exchanges to follow the move and delist XRP in the future.

As some of the traders pointed out, the low liquidity or volume of XRP may be the biggest reason why users on the exchange are not interested in trading XRP more than other major trading platforms in Japan.

Regardless, all major XRP trading pairs on BITBOX will be delisted by January 16, which include XRP against BTC, ETH and USDT. Meanwhile, this comes in a period where XRP has struggled to break out of the stagnant price action for months. The delisting of the asset shows that Ripple is facing a major blow in Japan despite the cryptocurrency posting one of its strongest rallies in the past year – additionally fuelled by the integration of XRP by Binance Futures.

It is also worth noting that Japan remains a major cryptocurrency market that already tested Ripple’s products and blockchain solutions.