Crypto Exchange Coinbase Set To Delist $XRP From Its Platform 12

Crypto Exchange Coinbase Set To Delist $XRP From Its Platform

  • Coinbase will delist XRP on 5 December, 2022
  • The crypto giant will stop supporting BCH, ETC, and XLM as well.
  • Low usage has been cited as the reason for this move.
  • This news had minimal impact on the prices of these tokens. 

As of 5 December 2022, Coinbase will stop supporting XRP on its platform. The firm, which is arguably the most popular crypto exchange in the United States, has also included Bitcoin Cash, Ethereum Classic, and Stellar in the list of tokens that are set to be delisted in a week. The exchange has cited “low usage” as the reason for this move. 

“This does not mean your assets will be lost. Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase.” the official website read. 

The exchange has clarified that users will be able to transfer their assets even after 5 December, by importing their recovery phrase on another non-custodial wallet provider which supports the soon-to-be delisted networks. 

Coinbase suspended XRP trading in January 2021 following the lawsuit by the U.S Securities and Exchange Commission against Ripple Labs

Coinbase’s decision has minimal impact on token prices

This decision by Coinbase was rather strange, given that there was no official announcement. XRP is the 7th largest cryptocurrency in the world with a market cap of over $19 billion. Delisting such a token is a high-profile move with the potential to impact its trading.

Interestingly, the news of being delisted by one of the most popular crypto exchanges in the world has had a relatively low impact on the prices of the tokens in question. Data from CoinMarketCap shows that XRP initially saw a slight decline, but soon recovered to the price that it was trading at prior to this news. The token is currently trading at $0.391. Bitcoin Cash fell by a little over 1% following the news of this move by Coinbase. The impact on the prices of Stellar and Ethereum Classic can be summed up in one word, negligible.