XRP started the new week with bad news. A giant name joined the stock markets that ended the support of crypto money.
US-based giant cryptocurrency exchange Kraken announced in a blog post dated January 15 that XRP trading will be stopped for US users due to the US Securities and Exchange Commission’s (SEC) lawsuit against Ripple.
The exchange will suspend XRP trading starting January 29, according to the announcement. Kraken announced that US customers will be able to continue with XRP deposits and withdrawals after January 29. Users in other countries will not be affected by Kraken’s XRP decision.
The exchange stated in its blog post:
XRP began to bleed after the SEC sued Ripple and its executives for violating securities laws. Following the news of the lawsuit, XRP fell more than 50 percent and fell from $ 0.57 to $ 0.23. Crypto money is trading at $ 0.29 as of the time of the news release.
Following the SEC case, exchanges such as Coinbase, OKCoin, Bittrex and Blockchain.com announced that they ended their support for XRP. The largest crypto asset management company Grayscale announced that it has terminated all XRP investments, while Bitwise Asset Management announced that it is completely separated from XRP.
A pre-hearing of the SEC and Ripple case is scheduled for February.