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.
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.
If you have assets on networks that were previously supported by Coinbase Wallet (BCH, ETC, XLM, XRP), you will no longer be able to see or transact with those assets after February 20th, 2023.
How do I withdraw my XRP from Coinbase? You can only withdraw it to another exchange and cash out there, or convert it to something coinbase supports and deposit that back to cash out. Send your xrp to uphold or voyager and sell it there.
The SEC believes that Ripple's ICO was in effect an IPO conducted without proper procedure. This lawsuit is the reason many U.S.-based exchanges, including Coinbase, do not currently allow XRP trading.
Transferring coins to another exchange is a viable option if the delisted coin is still supported by other exchanges. The process involves creating accounts on both exchanges, checking coin support, generating a deposit address, initiating a withdrawal, and confirming the transaction.
If you've transferred an unsupported cryptocurrency asset to your Coinbase account, those funds have historically been lost unless Coinbase later adds support for the asset.
At the current Ripple price, one XRP is worth $0.501538. Kraken makes it easy to sell Ripple for USD in minutes. How do I get my money after selling Ripple? After you sell your Ripple using Kraken, you can use our flexible funding options to withdraw your cash to your bank account in as little as 0-5 business days.
Coinbase has excellent security measures to ensure its users' funds are safe. However, we recommend moving your crypto assets off any exchange into a self-custodial hardware wallet.
During the hold period, you can still sell or trade crypto that you bought with these funds, or you can use the funds to buy crypto. However, until the hold is removed, you won't be able to cash the funds out or send any crypto bought with these funds from your Coinbase account.
When Coinbase or any other exchange decides to delist a cryptocurrency, it means that the coin will no longer be available for trading on that platform. However, this does not mean the coins themselves vanish or lose all their value.
July 13 (Reuters) - Ripple Labs Inc did not violate federal securities law by selling its XRP token on public exchanges, a U.S. judge ruled on Thursday, a landmark legal victory for the cryptocurrency industry that sent the value of XRP soaring.
Since the lawsuit concluded, a Ripple XRP price prediction is going to be challenging to say the least. In 2025, there are some who are now calling for $2, while at the same time there are people suggesting that $5 is more likely.
On February 20th, 2023, Coinbase Wallet discontinued support for the following assets and networks due to low usage: BCH, ETC, XLM and XRP. If you held these assets, they will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase.
The crypto exchange had suspended trading of the token in January 2021 after the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple. In a Thursday Twitter post, Coinbase said that XRP trading will be reenabled on the XRP network.
Earlier in February, Coinbase announced the deprecation of support for Bitcoin SV (BSV). The crypto exchange has likewise disabled trading for Aragon (ANT), ATA, DREP, MONA and SYLO.
What is the safest XRP wallet? Generally, hardware wallets are considered more secure because they are the safest wallets against hacks. Therefore, Trezor, Ledger, and other hardware wallets are the safest XRP wallets.
Introduction: My name is Gregorio Kreiger, I am a tender, brainy, enthusiastic, combative, agreeable, gentle, gentle person who loves writing and wants to share my knowledge and understanding with you.
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