The list of cryptocurrency exchanges that have stopped trading Ripple (XRP) for US citizens continues to grow with the latest addition of Kraken.
Kraken ends Ripple trading
San Francisco-based leading crypto exchange Kraken announced that they will cease trading Ripple (XRP) from the end of January. The decision will only affect US citizens, and services will continue to be provided to customers located outside the country.
Kraken will suspend XRP trading for United States-based users as of January 29 at 17:00 PT (or January 30 at 04:00 CET). The 10-year-old exchange said that citizens must close all positions until 23.59 on January 28, otherwise their “positions will be liquidated”.
However, Kraken said that US users will be able to deposit, hold and withdraw XRP even after the exchange ceases trading activities.
In addition, customers in other countries will not be affected in any way and XRP markets will continue to operate without interruption.
XRP price dropped
Kraken confirmed its decision as expected, with SEC charges brought against Ripple last year. The payment processor allegedly made an unregistered security offer of $ 1.3 billion.
Numerous crypto exchanges and businesses removed the XRP token in the following weeks, which damaged the price.
Kraken’s announcement seems to have affected the value of XRP, with the asset dropping 12% from $ 0.255 to $ 0.26 within minutes. Although Ripple’s native cryptocurrency has recouped some short-term losses and traded around $ 0.29, it has dropped nearly 60% since the SEC formalized the case.