The news is not good for token $XRP as the stock exchange has decided to suspend trading in the token. Out of caution and honesty, it is my duty to publish this news..
Here is the text of the news, which was published from websites specializing in $XRP
On December 4, 2024, we received a notification from our liquidity providers/counterparties that due to extreme market volatility and increased demand for XRP, the automatic leverage reduction mechanism for the XRPUSD trading pair did not work as intended. After liquidating short positions, the leverage of the corresponding long positions was not reduced, resulting in the counterparty incurring unprecedented negative balances, refusing to settle XRPUSD trades, and forcing us to refund previously settled trades
To prevent further disruptions and potential cascading issues, trading for the XRPUSD pair has been suspended to allow time to address the issue and ensure market integrity
As a result of these developments, and in accordance with paragraphs 4.16 and 7.8 of our Terms of Service, XRPUSD will be delisted from the platform for the time being until further notice and the following actions will be taken with respect to all XRPUSD trades
- All currently open XRPUSD trades, as well as active limit and stop market orders, will be cancelled. Any fees/financing incurred as well as the margin allocated for these trades will be fully refunded and returned to your wallet balance.
- Any XRPUSD trades closed since 00:00 UTC on November 10, 2024 up to the current date will be fully refunded (this includes any profit and any losses incurred previously). Trades liquidated during this time will also be fully refunded.
- Copy Trading: Followers’ and traders’ equity will be affected accordingly based on any XRPUSD reversed/refunded trades made within the corresponding copy trading strategy
