Kraken, a California-based crypto exchange will stop XRP trading on its platform for U.S. customers. In a recent tweet, Kraken announced that the platform will halt XRP trading not later than January 29, 2021, at 5 pm PT (January 30, 2021, at 1:00 UTC).
Kraken is the newest addition to the growing numbers of cryptocurrency exchanges that have suspended XRP trading on their platforms. Coinbase, Binance U.S., OXL, Beavy, and Kucoin to name a few. This is following the SEC lawsuit filed against Ripple.
In a recent blog, Kraken stated:
“U.S. residents with open XRP spot positions on margin should satisfy their margin obligations by January 28, 2021, at 11:59 pm PT, or their positions will be liquidated in accordance with our Terms.”
But clients residing outside of the U.S. will not be affected and XRP markets will remain open for them.
Other services like deposit, holding, and withdrawal of XRP will still be possible on the platform for all its users.
As further stated in the blog, Kraken’s possibility of changing its position will depend on the outcome of the lawsuit.
“We are monitoring the situation regarding the SEC’s filing and will adapt according to any new developments.”
XRP has suffered a major blow following the lawsuit filed by US SEC on Dec. 22. Shortly after the filing, Bitwise Assets Management, one of the leading crypto fund managers cut ties with XRP after liquidating all its holdings.
Fortunately, there are still a few exchanges that continue to support XRP. These include Uphold and Revolut.
But seems Ripple has been getting embroiled from one lawsuit to another. On Jan. 7, Tetragon Financial Group filed a lawsuit against Ripple Labs in Delaware Chancery Court and asked the San Francisco-based company to redeem Tetragon’s Series C preferred stock. In a recent report, Delaware Chancery Court decided in favor of Tetragon Financial Group. The court has issued a brief restraining order on Friday limiting Ripple Lab’s cryptocurrency transactions.
On Jan. 13, Grayscale Investments has announced that it will stop offering XRP trust in its crypto-asset list. In connection with this, it has liquidated all its XRP holdings and distribute the net cash proceeds to trust shareholders.
In recent data by Crypto.co, XRP price has declined by 29.37% from $0.37 on Jan. 7 with its price now at $0.286. The altcoin recorded its lowest price at $0.171 on Dec 29 but has slowly recovered despite the delisting from major exchanges.
XRP remains to be one of the top cryptocurrencies in a report by Nasdaq for the year 2021. It has a total market cap of $ 13,082,725,992 in data by Crypto.co. But will it continue to dominate its spot?