BitStamp Will Halt All Ripple Trading In The USA, XRP Crashed 25%

Bitstamp will reportedly halt all Ripple trading in the United States according to the announcement that we have in today’s Ripple news.

The price reacted immediately and lost about 25%. The landslide of consequences for Ripple’s native crypto XRP continues with full force so the investors did catch a small break today as the coin increased to above $0.38. The price lost about 25% in an instant after the new announcement that Bitstamp will halt all Ripple trading in the United States on January 8^th.

In an announcement from earlier today, one of the most popular exchanges stopped all trading and deposits in XRP for all United States customers. According to the release, the delisting happened “in light of the recent SEC  filing against Ripple Labs Inc which alleges that XRP is actually a security. The change is to come into effect in January but it’s worth noting that the customers from other countries will not be affected and all other customers will be able to withdraw XRP. Bitstamp is the first major exchange that took action after the SEC-Ripple fiasco and many members of the community speculate that others will follow.

As reported previously, other smaller exchanges have already moved to take actions as well and this all took a toll on the price of XRP which was increasing over the past day. After the announcement, XRP Tanked by 25%.

As reported earlier today, The international payments processor MoneyGram denies using Ripple’s RippleNet and its XRP token after various charges were levied against the company and its founders for selling unregistered securities. In a statement, the company said that it never used Ripple’s on-demand liquidity service or RippleNet in any form despite ripple popularizing the partnership two years ago. The company had a commercial agreement with Ripple since 2019 and with the agreement, the companies agreed on using Ripple’s foreign exchange blockchain trading platform for purchasing or selling four currencies. These businesses don’t directly use XRP but depend on the ripple blockchain for low-fee and quick cross-border transfers.
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MoneyGram now said that it received intimidation from the company about the lawsuit.

Bitsatamp is one of the longest-operating crypto exchanges. Right now, Bitstamp considers adding support for Zcash despite the increasing number of platforms that want to get away from the privacy coins because of the associated regulatory risks. Back a few days ago, the exchange announced they are exploring the support for seven more crypto assets including one privacy coin and two stable coins.