Ripple price (XRP/USD) drops sharply following FSA warning to Binance

Ripple price (XRP/USD) drops sharply following FSA warning to Binance
Written by:
Michael Harris
23rd March 2018
Updated: 11th March 2020

The Ripple price (XRP/USD) has fallen to a five-day low following news that Japan’s financial watchdog has ordered cryptocurrency exchange Binance to stop servicing Japanese residents.

While, the cryptocurrency topped $0.70 in yesterday’s morning session, its advance came to a halt after media reports suggested that Japan’s Financial Services Agency (FSA) planned to issue a warning against Binance for operating in the country without the required registration. The digital coin finished the session at $0.662, down from its opening level of $0.693.

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The digital coin experienced another drop in the early hours of today’s trading, as the FSA confirmed the reports by issuing a formal warning to the Hong Kong-based trading platform. The token fell as low as $0.628 in the morning session, which was its lowest price level since March 18. The Ripple price is currently hovering around $0.635, according to data from cryptocurrency tracker Coinmarketcap.

Binance is one of the most-popular non-Korean destinations for XRP trading. According to recent market data, the platform accounts for 8.9%, or just over $38 million, of the XRP trading volume generated in the past 24 hours. This makes Binance third in market share over that period, behind South Korea’s Bithumb, which captures 26% of all trades, and Japan’s Bitbank with just over 10%. At the moment, Binance ranks higher in terms of XRP trading volume than the other big crypto exchanges in South Korea – Upbit (8.4%), Coinone (5.4%) and Korbit (2%).

In today’s trading, the Ripple price stood at $0.638, as of $12:12 GMT. The coin has lost 3.4% of its value in the past 24 hour, according to Coinmarketcap. Its total market capitalisation currently stands at just under $25 billion, which makes it the third-largest digital currency on the market, behind Bitcoin (BTC) and Ethereum (ETH).

For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.

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