Despite the recent bull rallies by both coins, OKX appears to have maintained its stance, as previously stated in June of this year. Ripple’s XRP and Litecoin (LTC) USDT-margined and crypto-margined expiry futures will be delisted by the crypto exchange today.
OKX announced, “In alignment with current market trends and to better meet users’ needs[…] We will officially delist XRP and LTC expiry futures at 8:00 am UTC on December 27, 2024.”
They gave further instructions that bi-weekly expiry futures will cease to be generated from June 21, 2024. Also, bi-quarterly expiry futures will cease to be generated from September 27, 2024. However, current listed expiry futures will remain unaffected until their respective expiration dates.
OKX explained that the decision to delist these futures contracts came as part of the crypto exchange’s ongoing efforts to adapt to the evolving market landscape and user preferences.
It explained that the goal is to streamline the available options for the future. Also, OKX aims to provide a more focused and user-friendly trading experience.
Here is what to expect. The prices of XRP and LTC may fluctuate. This could be as a result of traders’ responses to the changes. Investors must monitor market sentiments and trading volumes for any potential shifts in direction.
However, analysts believe that the next bull market wave will see additional gains.
XRP and LTC price responses
The price of XRP has decreased by 1.1% today and by 1.1% in the past week, and it is currently trading at approximately $2.14. $2.13 and $2.23 are the minimum and high prices for the 24-hour period, respectively.
Additionally, the trading volume has been in decline this week, with a 47% increase in the past month, suggesting a decrease in traders’ interest.
However, analysts have observed the price movements of Ripple’s native coin, XRP, have exhibited similarities to its historical chart patterns from 2014 to 2017. A positive news release and a breakout could push the XRP price beyond the $20 mark.
In the meantime, the price of Litecoin is also fluctuating in a downward fashion, hovering around $100. Following a more than 4% increase this week, the price was exchanged at $104.05. The low and high of the 24-hour period are $100.51 and $106.03, respectively.
The total open interest in LTC futures decreased by 1% in the past 24 hours. The current value of the 4.38 million LTC futures OI is $457.26 million, which indicates that trading activity is cautious.
What happens when a coin gets delisted
Once a coin is delisted, trading on that exchange stops immediately. This means that all current open orders for the coin will be instantly canceled. Also, generally, customers can still withdraw their holdings to an external wallet after the delisting. However, exchanges frequently impose a deadline for such withdrawals, demanding immediate action from customers to protect their holdings.
In addition, delisting often causes a significant loss in liquidity for the impacted coin. This can complicate the process of purchasing or selling the asset on other platforms, as there may be fewer traders eager to trade.
The price of a delisted crypto frequently undergoes substantial volatility. This means it typically experiences an abrupt decline as investors quickly liquidate their positions. This is primarily attributable to the coin’s diminished accessibility and the subsequent decline in investor confidence.
However, for those who remain optimistic about the project’s long-term viability, it may still be feasible to trade the coin on other exchanges that continue to list it or on decentralized exchanges.
Given these potential negative consequences, investors must remain informed about any announcements regarding their holdings and act promptly if there are indications that a cryptocurrency may be at risk of delisting.
Despite the risks, delisting can offer purchasing opportunities during frenzied selling. Investors can identify coins that are undervalued post-delisting and have the potential to recover or be relisted.
For example, panic selling frequently results in prices falling below their intrinsic value, which presents an opportunity for smart investors to acquire assets at a reduced price. Furthermore, there is a possibility that certain projects may be relisted on other exchanges.
In this case, XRP and LTC are still doing well and are expected to continue doing so. This is still a great opportunity to invest.
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