Bitcoin exchange Kraken will cut off access to XRP trading for U.S. users

Cryptocurrency exchange Kraken will close the ability for US customers to trade Ripple’s XRP token until January 29.

„Given the SEC’s lawsuit against Ripple Labs, we are closing XRP trading to US residents no later than January 29, 2021,“ Kraken said in a blog post. – We may begin this process at any time earlier than January 29, so all US clients are urged to close their positions before that date.“

Users should make sure they are in compliance with margin requirements by Jan. 28 to avoid liquidation. US exchange customers will still have the ability to deposit, hold and withdraw XRP.

Users from other countries will not be affected by the change.

Major exchanges Coinbase and OKCoin also suspended XRP trading after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple last December. Galaxy Digital, Bitstamp and B2C2 platforms have also previously stopped token trading for US residents. The new head of regulated platform Bakkt has ruled out adding XRP to new products, while Grayscale Investments has promised to liquidate a Ripple token-based investment trust.

Amid regulatory concerns and widespread delisting, the XRP token has fallen 51% in the past 30 days. In just the last 24 hours, the coin has slipped 3.7%, and in a week, 13.4%.

Previously, the Ripple token was consistently ranked third in rankings like CoinGecko and CoinMarketCap. Over time, Tether (USDT) has surpassed XRP as a stabelcoin, and more recently Polkadot (DOT) is the project’s fourth-largest coin in terms of market capitalisation.