Coinbase To Drop XRP By Jan 2023 Due To Low Usage

XRP along with Bitcoin Cash [BCH], Ethereum Classic [ETC], and Steller’s XLM would no longer be available in the Coinbase wallet owing to less usage, the exchange announced on its website. The end of support will be effective from January next year.

Any unsupported asset that you hold will still be tied to your address(es) and accessible through your Coinbase Wallet recovery phrase. In order to view or transfer these assets after January 2023, you will need to import your recovery phrase on another non-custodial wallet provider that supports these networks. 

The announcement came as a surprise for many XRP proponents as the asset remained in the top 10. Per Data from coinmarketcap, it remained the seventh-largest cryptocurrency with a market cap of $19.6 billion and a 24-hour trade volume of almost $1 billion across all exchanges.

One proponent of XRP stated that Coinbase’s decision is the reason there is so much skepticism about exchanges and urged for more regulation.

Another user claimed that delisting is a loss for Coinbase as the “XRP case is on a brink of conclusion with settlement and if it happens there will be money flowing into the asset.”

Earlier reported by TronWeekly, the lawsuit is heading for a crucial court date on Nov 30, where both parties will file summary judgment briefs before meeting to talk about the redactions for the court papers.

85 Million XRP Were Shifted Into Ripple’s ODL Platforms

XRP is the token on the XRPL Ledger created by developers who later founded the payment firm Ripple. The blockchain was created to assist banks and other financial organizations in moving money quickly and cost-free.

With regards to XLM, the asset runs on the Stellar blockchain and payment network. It is also somewhat of a spinoff of XRP. To make it easier and more cost-effective to transfer money across borders, a co-founder of Ripple developed Stellar. XLP now has a market valuation of $2.2 billion.

On the other hand, BCH and ETC, forks of the two most widely used cryptocurrencies, ether [ETH] and Bitcoin [BTC], respectively, have both seen significant declines in market share since their launch more than five years ago.

In a recent report by whaletracker site, millions of XRP tokens were moved to Ripple’s ODL platform.

One of these transfers to Bitstamp included a transaction carrying $30,400,000 to one of Ripple’s ODL platforms: the Mexico-based Bitso cryptocurrency unicorn. The biggest cryptocurrency exchange in Latin America is this one.

XRP is currently trading at $0.40 and is up 2.46% in the last 24 hours.

report this ad