Kraken to Suspend Some Trading Pairs- Including XRP

[Mercury]

Quote

 

Hi ****,

In order to help mitigate the strain on our platform caused by recent exponential growth, we are delisting some of our illiquid trading pairs and temporarily suspending all advanced order types. These changes will go into effect on Tuesday, August 22 around 6 am UTC (Monday August 21 around 11 pm Pacific).

The following pairs will be delisted with all outstanding orders being canceled

XBT/GBP

ETH/GBP

XRP/CAD

XRP/JPY

EOS/EUR

EOS/USD

XLM/EUR

XLM/USD

GNO/EUR

GNO/USD

REP/USD

The ability to create new advanced orders will also be temporarily suspended (so you will only be able to create basic limit and market orders)

Open orders will remain open until cancelled or executed, but you will no longer be able to create new orders in any of the following advanced types:

Stop Loss

Take Profit

Stop Loss, Take Profit

Stop Loss, Take Profit Limit

Stop Loss Limit

Take Profit Limit

Trailing Stop

Trailing Stop Limit

Stop, Limit

This suspension is temporary only. Advanced orders will return in a month or two as soon as we are better able to process them. We know that many of our clients like the advanced orders, but they are used much less frequently than basic limit and market orders while taking more system resources to process.

The above changes will go into effect on Tuesday, August 22 around 6 am UTC (Monday August 21 around 11 pm Pacific).

We apologize for the inconvenience but we think that immediate action is needed to help alleviate the current strain on our platform. We may take further action if these changes aren’t enough. Our overall plan is to reduce the load on our current platform until upgrades can be made that will enable us to smoothly scale capacity.

Thank you for choosing Kraken,

The Kraken Team

 

 

[Mercury]

Besides the troubling news for those in CAD this might explain some users difficulty in accessing Kraken services in general.

[Winteriscomming]

You have to think as an exchange, if you see the 1min chart in XRPUSD you will see the lack of liquidity, so what you need to do is redirect the liquidity from others pairs to this one and voila!.......but going deeper, the question is not why are they eliminating this pairs, the question will be when are they going to use this pair liquidity.

[Sir Zerps A Lot]

The XRP/CAD pairing was a joke.  You would be losing tons of money going that route.

Kudos to Kraken for trying to fix their site by trimming the fat

[xrpaware]

Sounds like Kraken should explore the possibility of using XRP in their back-end settlement workflow to help support some of these smaller trading pairs. 

[mbirecki]

Does this mean that if I deposit CAD into my Kraken, I won't be able to purchase any XRP?

[Sharkey]

2 minutes ago, mbirecki said:

Does this mean that if I deposit CAD into my Kraken, I won't be able to purchase any XRP?

Looks like you won't be able to directly trade the CAD to buy XRP, so you will have to use an intermediary currency like BTC.  

[Sharkey]

8 hours ago, Sir Zerps A Lot said:

The XRP/CAD pairing was a joke.  You would be losing tons of money going that route.

 

why?  

[mbirecki]

1 minute ago, Sharkey said:

Looks like you won't be able to directly trade the CAD to buy XRP, so you will have to use an intermediary currency like BTC.  

So I'll have to fit convert CAD to BTC, then from BTC to XRP?

[Sharkey]

yes, that's how it appears.  

[mbirecki]

Yeah, or deposit in USD currency instead of CAD eh.

[Sir Zerps A Lot]

13 hours ago, Sharkey said:

why?  

Because there was no liquidity