Kraken will suspend XRP trading for US residents on January 29, the San Francisco-based cryptocurrency exchange announced on Friday.
While US users can still deposit or withdraw XRP after that date, they only have two weeks to continue trading the troubled digital asset.
“We may begin implementing this process on January 29, 2022, so all US clients are strongly encouraged to complete their positions before that day.”
Ripple Labs, along with CEO Brad Garlinghouse and Chief Executive Chris Larsen, were sued by the US Securities and Exchange Commission for $1.3 billion in December for their role in selling XRP. Some of the founders of Ripple created XRP in 2012.
The price of XRP has fallen by about half since the SEC’s announcement. On December 21, the price rose to $0.60. It currently costs around $0.28.
Other exchanges have moved to suspend XRP trading, including Binance.US, Coinbase, and Bitstamp.
On whether trading could continue, Kraken noted: “We are monitoring the situation regarding SEC filings and will adapt according to new developments.“