Another exchange is abandoning XRP by cryptictruth

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hive-167922 · @cryptictruth · Jan 18 '21

$2.23

Another exchange is abandoning XRP

![download.jpg](https://images.hive.blog/DQmTBGBnEbAapMj2ju4pemnhf8Q2wVMTyqfHHun15fCq9YC/download.jpg)
[source](https://www.facebook.com/KrakenFX/)

Kraken has become the latest crypto exchange to drop XRP. Joining the ranks of Crypto.com, Coinbase, and OKCoin. The decision was prompted by a [lawsuit filed](https://www.techradar.com/news/this-massive-cryptocurrency-could-be-about-to-become-effectively-untradeable) in December by the US Securities and Exchange Commission (SEC), against XRP custodian Ripple, it’s CEO Brad Garlinghouse and President Chris Larsen. 

If you don't know whats going on with XRP the basics are that the lawsuit is over the classification of XRP as a security (i.e. a financial asset from the investor intends to profit) as opposed to a currency or medium of exchange. The SEC claims the sale of XRP amounted to a violation of federal securities law, because Ripple failed to properly classify its product and, by extension, provide sufficient information to investors.
[source](https://www.techradar.com/news/yet-another-exchange-is-abandoning-this-massive-cryptocurrency)

The Kraken news was posted to their [blog](https://blog.kraken.com/post/7450/kraken-to-halt-xrp-trading-for-u-s-residents/) citing the recent SEC filing against Ripple Labs Inc., as their reason for halting XRP trading for U.S. residents no later than January 29, 2021 at 5pm PT (January 30, 2021 at 1:00 UTC).

They did note as many other exchanges have also done that clients residing in the U.S. will still be able to deposit, hold, and withdraw XRP with Kraken. For clients residing in other countries are not affected. XRP markets will continue to operate, uninterrupted, for clients outside the United States.

As I have blogged about before the price of XRP was cut in half on the December news. The price has stabilized and continues to consolidate under the $0.29 level. It seems to be pushing up against the key resistance of $0.30. If it fails to break that and breaches $0.265 I think we will get some real bearish momentum.   

**1 Day Chart**
![Screen Shot 20210118 at 5.19.28 PM.png](https://images.hive.blog/DQmWfpS29HaTTce5jYF9pQ4K1513QQiUHEFfxBsjx4R2qXM/Screen%20Shot%202021-01-18%20at%205.19.28%20PM.png)

**1 Hour Chart**
![Screen Shot 20210118 at 5.21.11 PM.png](https://images.hive.blog/DQmPq7W4nAYWTJ4nFD5vzuyi6eLoG2EFskCbpZA83Wo11jP/Screen%20Shot%202021-01-18%20at%205.21.11%20PM.png)

While XRP fights this case I will not be trading it. There is just too much risk and it's getting harder to find an exchange that will let you trade it anyways.


Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@cryptictruth/another-exchange-is-abandoning-xrp)

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@handtalk5 · Jan 19 '21

$0.04

This kind of hurrying ahead obedience is super annoying.  I mean, yes, there's the lawsuit. But there's no outcome yet! Halting trades because the coin might become suspended by the SEC is somewhat like putting someone in prison while their trial is still ongoing.

It's somewhat itching me to buy back into XRP soon, at least if the price drops back down. High-risk high-opportunity, you know. At least it shouldn't be illegal to do so, living in Europe. But it might become difficult to sell out of it.

👍 cryptictruth

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@cryptictruth · Jan 19 '21

I think exchanges in the us are so afraid that they could get drowned in legal battles that they are being overly cautious. I get it, but I don't really agree with the action.

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@hivebuzz · Jan 19 '21

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@poshbot · Jan 18 '21

https://twitter.com/cryptictruth1/status/1351295181811802115

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