The cryptocurrency exchange Kraken will halt XRP trading for US residents on January 29.
With the SEC filing against Ripple Labs, Kraken plans to halt XRP trading for U.S. residents on January 29, 2021. Support for deposits & withdrawals of XRP will continue uninterrupted. Clients residing in other countries are not affected.
Full statement: https://t.co/zDz1jwFuiJ
— Kraken Exchange (@krakenfx) January 15, 2021
“Taking into account the SEC’s lawsuit against Ripple Labs, we will close XRP trading for US residents no later than January 29, 2021, according to Kraken’s blog. We may begin this process at any time before January 29, so we strongly urge all American clients to close their positions by that date.”
Users should ensure they meet margin requirements by January 28 to avoid liquidation. US customers will still be able to deposit, hold and withdraw XRP.
Users in other countries are not affected.
Major exchanges Coinbase and OKCoin also halted XRP trading after the U.S. Securities and Exchange Commission filed a lawsuit against Ripple in December of last year. Earlier, XRP trading for US residents was halted by platforms Galaxy Digital, Bitstamp and B2C2. Bakkt’s new head of the regulated platform ruled out adding XRP to new products, and Grayscale Investments pledged to liquidate the Ripple-based investment trust.
Against regulatory pressure and widespread delistings, XRP has fallen 51% over the past 30 days. In the last 24 hours, the token declined 3.7%, and over the past week 13.4%.
Data: CoinGecko.
Ripple’s token had traditionally ranked around third on trackers such as CoinGecko and CoinMarketCap. Over time, the market cap of the stablecoin Tether (USDT) overtook XRP’s, and more recently the fourth-largest by market cap is the Polkadot token (DOT).
Earlier on January 5, Tetragon Financial Group filed another lawsuit against Ripple.
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