Coinbase is all set to delist XRP, here’s everything you need to know
- BCH, ETC, and XLM are among the crypto assets that are set to join XRP in the delisting next week.
- Following this, no negative impact was seen in the prices of the affected tokens.
From next week, America’s most popular crypto exchange Coinbase will stop supporting XRP. According to the exchange’s official website, Coinbase wallet will no longer support Ripple’s native token as of 5 December 2022.
BCH, ETC, XLM will also be delisted
Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM) are among the crypto assets that are set to join XRP in the delisting next week. According to Coinbase, this decision has been made due to the “low usage” of the assets in question.
“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 updated policy read.
Coinbase has clarified that users can transfer said tokens post the delisting to wallet providers that support them, by importing their recovery phrase onto another wallet provider.
Token prices remain unaffected
It is interesting to note that despite this major decision by one of the world’s largest crypto exchanges, no negative impact has been seen in the prices of the affected tokens. As a matter of fact, according to data from CoinMarketCap, XRP actually soared more than 4% following the news of the delisting.
Meanwhile, the price of Bitcoin Cash also saw a brief surge before stabilizing around $112, which is still higher than its value prior to the news. Ethereum Classic followed suit and, at press time, it was trading at $19.94, up almost 3% since the delisting news broke. No negative impact has been seen in the price of Stellar either, which is currently worth $0.089.
There was no official announcement from Coinbase regarding the delisting, which is strange since delisting the world’s 7th largest cryptocurrency is a significant decision. The news broke on Twitter after users noticed Coinbase Wallet’s updated policy.
Coinbase suspended XRP trading on its platform in January 2021, after the U.S. Securities and Exchange Commission filed a lawsuit against Ripple Labs. Well, not to forget, Coinbase had requested the court last month for permission to file an amicus brief in support of Ripple.