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Sources: Galaxy Digital and Jump Trading have stopped making markets for XRP

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The Bitwise 10 Crypto Index Fund will liquidate its XRP holdings.

Rhythm BlockBeats news, on December 24, according to The Block, sources said that the US Securities and Exchange Commission ( The SEC) filed a lawsuit against Ripple, and secretive Chicago-based high-frequency traders Jump Trading and Galaxy Digital have stopped making markets for XRP.

Jump told counterparties that it would no longer provide liquidity to XRP, according to three industry sources. A spokesman for Jump Trading declined to comment. At the same time, it will be notified when the trading of XRP assets that Galaxy Digital has suspended will continue.

"The end of an era," one industry deal executive said of the developments. If the XRP market does not provide proper liquidity, spreads may widen, making it more difficult for investors to buy and sell large positions.

Since the lawsuit was filed on Tuesday, many companies have stopped supporting XRP. Bitwise said Thursday morning that it would liquidate the 3.8% XRP position held by its Bitwise 10 Crypto Index Fund. Three exchanges: OSL, CrossTower, and Beaxy, have suspended XRP trading.