Important update on XRP crypto

elizabeth mcgrath

 · 01/07/2021  · 01/07/2021

You may be aware that there has been a lot of news relating to the cryptocurrency called ‘XRP’ recently. Currently you can still buy and sell XRP on Revolut, but we wanted to make you aware that some exchanges have started to delist XRP and that we are monitoring this situation closely. As this situation evolves, we wanted to make sure you check the latest news concerning XRP, and remind you of the general risks associated with buying and selling cryptocurrencies through your Revolut account.

The latest XRP developments

You may have seen that the US securities regulator (the Securities and Exchange Commission) has filed a lawsuit against the company that offers XRP, Ripple Labs Inc. This lawsuit has caused many exchanges in the US, and some in Europe, to delist XRP, thereby causing the price of XRP to drop significantly. The outcome of this lawsuit is uncertain, as is the effect it will have on the regulatory treatment of XRP in other jurisdictions around the world.

What this means for you

At the time of writing this email, our partner exchanges continue to list XRP so you can still buy and sell XRP through your Revolut account, but please note that the situation is evolving quickly, and the price of XRP is very volatile.

If XRP was to be delisted by all of our partner exchanges, it’s likely that we would have to delist XRP as well. We might also have to halt trading with very little notice if the liquidity on our partner exchanges drops and we can no longer buy or sell XRP.

This would mean you might not be able to sell your XRP balance and could be stuck with a holding for which the price could drop to zero, in a worst case scenario. We do not currently offer a service to allow you to withdraw your XRP balance to an external wallet.

We always try to give you notice before we suspend use of our crypto service, including the buying and selling of XRP for example. However, we might not be able to do so in all circumstances. This means that it’s important that you constantly reassess your crypto holdings, specifically XRP, and whether you remain comfortable with the associated risks. In particular, it’s a good idea to regularly check your buy and sell orders - including any recurring buys and auto-exchanges that you may have set up - to make sure you are still as happy with them as the time when you set them up.

Reminder of the risks associated with all cryptocurrencies

Remember, there are significant risks associated with buying and selling cryptocurrencies. Revolut's cryptocurrency service is unregulated. The value of a cryptocurrency can change quickly. It is susceptible to volatile changes which means the price can rapidly increase or decrease at any time. It may even fall to zero, which means it’s possible to lose all the money you spent buying crypto. Revolut is not liable for your losses if a cryptocurrency’s value falls to zero, or if we are unable to act on your request to buy or sell a cryptocurrency. Please always consider your personal and financial circumstances before you buy any cryptocurrency through your Revolut account. Read more about the risks of cryptocurrencies in our Terms and Conditions.  Our terms and conditions also include information about what to do if you’re unhappy with our service and want to make a complaint.

We'll continue to monitor the situation with Ripple and the responses taken by our partner exchanges  and will keep you informed of any changes that may affect your XRP holdings. It’s important that you stay informed about these developments when considering what to do with your XRP holdings.