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Kraken becomes the latest exchange to delist XRP

Photo of: Joseph Stone
by Joseph Stone

The Kraken Exchange announces the end of trading of the XRP token in the United States as of January 29. However, users will still be able to deposit, hold and withdraw their Ripple tokens afterwards.

The pace of the XRP negative exchange announcements is slowing down. However, new services continue to distance themselves from Ripple’s cryptocurrencies in January. This is the case with Kraken.

In a press release, the company therefore announces that XRP trading will end on January 29th. However, this policy applies only to US residents. The reason for the suspension remains the same.

It was the SEC’s December complaint against Ripple Labs that prompted Kraken to adopt this policy. Affected customers with open spot positions on XRP are therefore called upon to make arrangements before January 29.

And if not? Their “positions will be liquidated in accordance with our terms,” Kraken said. However, the exchange does not completely ban the token from its platform. Indeed, XRP withdrawals, custody and deposits can continue after this date.

For customers in other countries, nothing will change. “XRP markets will continue to operate, without interruption, for customers outside the United States,” the exchange clearly states.

It should be noted that the phase-out of XRP is not final. Kraken will indeed closely follow the outcome of the SEC complaint. A first court hearing is scheduled for the end of next month.

A change in the position of the controller is not to be ruled out. The management of the SEC is undergoing a complete overhaul due to the political alternation in the United States. Thus, the main actor in the complaint against Ripple, Marc P. Berger, is stepping down.

Moreover, the legal nature of the XRP does not meet with consensus among our neighbors. In the United Kingdom, for example, XRP falls into the same category as Bitcoin and Ether. For the regulator, it is an unregulated token.

The Japanese financial authority specifies to The Block that XRP belongs to the family of cryptocurrencies. However, it is indeed the decision of the American SEC that severely affects the value of the token.

XRP is thus quoted under 0.30 dollars. And an upturn is unlikely in the short term before any signal suggesting a legal clarification of the token or any change of position on the part of the stock exchange regulator.