The landslide of negative consequences for Ripple’s native cryptocurrency XRP continues with full force. While investors caught a small break today as it increased to above $0.38, the price has lost more than 25% in an instant as Bitstamp announced it would halt trading and deposits to US customers on January 8th.
- In an announcement from earlier today, one of the most popular cryptocurrency exchanges, Bitstamp, has halted trading and deposits for US customers for XRP.
- According to the release, this happens “in light of the recent SEC filing against Ripple Labs Inc., which alleges that XRP is a security.”
- The change is to come into effect on January 8th, 2021 at 9PM UTC.
- However, it’s worth noting that customers from other countries won’t be affected and US-based traders will still be able to withdraw their XRP.
- Bitstamp is the first major exchange to take action following the SEC-Ripple fiasco and many community members and experts speculate that others will follow.
- As CryptoPotato reported earlier this week, other smaller exchanges have already moved to take action as well.
- Naturally, this took its toll on the price of XRP which has been increasing throughout the entire day.
- Following the news, XRP tanked by more than 25%.