Major Exchange Delists XRP Pair, What’s Going On?
Cryptocurrency exchange, OKX, is set to delist the XRP/OKB spot trading pair from its platform at the end of the month, along with several other spot trading pairs.
This development takes place against the background of OKX’s rise in the industry. With assets of an astounding $11.32 billion, OKX is currently one of the largest cryptocurrency exchanges in the world.
OKX Crypto Platform To Delist 17 Spot Trading Pairs
On Tuesday, crypto exchange OKX announced the delisting of several spot trading pairs from its platform. The move will see a total of 17 spot trading pairs delisted from the platform by the end of the month.
Chinese journalist Wu Blockchain took to X (formerly Twitter) to share the announcement highlighting why these spot trading pairs will be delisted from the platform. The decision was reportedly made to improve the spot trading environment on the exchange, uphold strict listing requirements, and optimize liquidity.
Additionally, the platform has assured that it will constantly observe the performance of all the listed trading pairs and review their listing qualifications regularly.
As a result of the recent review, the 17 spot trading pairs listed below are expected to cease operation by the end of the month:
FODL-USDT, CHE-USDT, INT-BTC, INT-USDT, PNK-USDT, MXT-USDT, SSV-USDC, DOT-ETH, COMP-BTC, UNI-ETH, KNC-BTC, ANT -BTC, MKR-ETH, XRP-OKB, CRV-ETH, LTC-OKB, SUSHI-ETH.
According to the crypto exchange, the move to delist these 17 spot trading pairs will happen in two distinct categories. The first sets of spot trading pairs which include FODL-USDT, CHE-USDT, INT-BTC, INT-USDT, PNK-USDT, and MXT-USDT, will be axed on October 27.
Meanwhile, other spot trading pairs which include SSV-USDC, DOT-ETH, COMP-BTC, UNI-ETH, KNC-BTC, ANT-BTC, MKR-ETH, CRV-ETH, LTC-OKB, and SUSHI-ETH, will be axed on October 30, 2023.
Token price continues to show strength | Source: XRPUSD on Tradingview.com
The exchange also highlighted in the announcement that it would delist these spot trading pairs due to its failure to fulfill the platform’s listing criteria. In addition, it has instructed users to cancel all orders associated with the highlighted spot trading pairs before the deadline.
“We will delist the above-mentioned trading pairs at the delisting times listed above. We advise users to cancel orders pertaining to these trading pairs before the delisting. Otherwise, the system will automatically cancel these orders,” OKX stated.
Nonetheless, the exchange’s move to delist the XRP pair from its platform did not have any negative effect on the price of the token. The cryptocurrency recently achieved a 24-hour high of $0.581, indicating a price spike of over 16%. The digital asset is currently trading at $0.5451 as of the time of writing.
Other Supported XRP Spot Trading Pairs By OKX
The crypto exchange might have delisted the XRP paring against OKB – the native token of OKX, but the platform still supports about 4 other spot trading pairs for XRP. These include XRP/BTC, XRP/USDC, XRP/USDT, and XRP/ETH.
One of the reasons why the platform will delist the XRP/OKB pair is due to the small weekly turnover of 46,589 XRP. This is insignificant in comparison to the available pairs across all exchanges, involving USDT on Binance.
Featured image from Coingape, chart from Tradingview.com