CoinBase Wallet Ends Support For BCC, XRP, and XLM

December 2, 2022 3:30 pm Comments

Popular crypto exchange Coinbase has announced that they will be ending support for crypto tokens Bitcoin Cash, XRP, and Stellar.

The company stated that the reason for this decision was because these tokens apparently had low usage where not many people actually utilized these coins on the exchange.

Of course, this reason could be seen as not accurate as tokens such as XRP were locked due to the lawsuit against Ripple from the SEC.

As of right now, XRP still remains the seventh-largest cryptocurrency when measured by market cap despite the fact that it had been delisted from a number of prominent crypto exchanges due to the ongoing lawsuit.

CoinDesk reports:

The assets will no longer be supported on Dec. 5, although users with balances will be able to withdraw after that date with a recovery phrase.

Coinbase cited “low usage” as a reason for delisting the four coins, all of which rose to sizable prominence in the 2017 cryptocurrency bull market.

XRP remains the seventh-largest cryptocurrency with a market cap of $19.6 billion and 24-hour trade volume of almost $1 billion across all exchanges, according to CoinGecko.

BCH and ETC – which are forked versions of the two most popular cryptocurrencies, bitcoin (BTC) and ether (ETH) – have both lost large portions of total cryptocurrency market share since being issued over five years ago.

Coinbase declined CoinDesk’s request for comment.

Coinbase had already halted the trading of XRP back in January 2021, but the other crypto assets such as XLM and Bitcoin Cash could be affected heavily by this new decision.

The coins will not be supported starting from January 2023 which may impact the trading price of the respective digital assets.

As for impact on the XRP price, so far there seems to be no observed impact on the asset as many investors had already taken into account the fact that XRP would not be available on such exchanges anyways.

After all, its success demands on international demand for its services such as its On-Demand Liquidity service which continues to skyrocket in popularity among financial institutions.

BeInCrypto concludes:

Coinbase has supported Ripple in its battle with the Securities and Exchange Commission (SEC). But XRP is now completely off Coinbase, both the exchange and the wallet no longer support it.

The crypto community doesn’t feel confident that the XRP vs. SEC battle will be settled anytime soon due to such delisting from Coinbase.

While some believe that the action taken by Coinbase has nothing to do with the status of the XRP vs. SEC case, others are skeptical about the XRP victory.

Coinbase was closely involved in the case, so the community wonders why it would delist XRP unless it had a good inkling that Ripple wouldn’t beat the SEC. They feel it does not sound like XRP is doing good in the courtroom. This leaves people back to the million-dollar question, Is XRP a security?

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