Members of the XRP Army — supporters of the XRP token — have started an online movement to pressure crypto exchanges to relist the digital asset amid Ripple facing a lawsuit from the United States Securities and Exchange Commission, or SEC.
According to Twitter user MackAttackXRP, the hashtag "RelistXRP" was trending in The Netherlands earlier today, with some users reporting the social media movement was gaining traction in Australia, the United States and the United Kingdom. Twitter data showed more than 35,000 tweets with the hashtag in the Netherlands, more than 30,000 tweets in the U.S. and roughly 24,000 in Australia.
The campaign is reportedly an attempt to draw attention to crypto exchanges that have delisted or suspended the trading of XRP. In December 2020, the SEC charged Ripple CEO Brad Garlinghouse and co-founder Chris Larsen with conducting an "unregistered, ongoing digital asset securities offering" for their XRP sales. In response to the lawsuit, many crypto exchanges announced they would suspend the trading of XRP, or delist the token entirely. Global money transfer service MoneyGram has also terminated its partnership with Ripple.
The exchanges that have halted trading for XRP or delisted it include Coinbase, OKCoin, Bittrex, Bitstamp, Binance.US, Crypto.com, iTrustCapital, eToro, Genesis, Nexo, Wirex, Ziglu, CEX, STEX, Abra, Blockchain.com and Coingate. Other crypto firms have deferred taking action against the token. For example, Uphold said it will not delist XRP until the SEC lawsuit is resolved, while Indonesia crypto exchange Indodax said the token "has a risk of being delisted."
More than 6,000 XRP holders lost a motion filed on their behalf in the SEC case against Ripple to insert themselves as third-party defendants. The motion to intervene argued that the interests of the XRP tokenholders were not being adequately represented in the lawsuit against Ripple and its executives.
At the time of publication, the price of XRP is $0.58, having risen 16% in the last 24 hours.