The most well-known cryptocurrency exchange in America, Coinbase, will stop offering XRP as of next week. The Coinbase wallet will no longer support Ripple’s native coin as of December 5, 2022, according to the exchange’s official website.
XRP Won’t Be the Only Token Delisted
Next week, a number of digital currencies will delist alongside XRP, including Stellar (XLM), Ethereum Classic (ETC), and Bitcoin Cash (BCH). This choice, according to Coinbase, was made as a result of the “low utilization” of the relevant assets.
According to the Coinbase statement, this does not imply that customers will lose their XRP assets. They will still be able to access any unsupported assets they own through their Coinbase Wallet recovery phrase and have them connected to their address(es).
According to Coinbase, customers can import their recovery phrase into another wallet provider to move the aforementioned tokens to wallet providers that support them after the delisting.
It’s interesting to notice that the values of the impacted tokens have not decreased despite this significant decision by one of the biggest cryptocurrency exchanges in the world. In fact, after hearing about the delisting, XRP actually rose more than 4%, according to statistics from CoinMarketCap.
The cost of Bitcoin Cash also briefly increased before leveling off at roughly $112, which is still higher than it was before the news. Following suit, Ethereum Classic was trading at $19.94 at the time of publication, up nearly 3% since the news of the delisting emerged. Stellar’s price, which is currently $0.089, has not been adversely affected.
Ripple Case Rages On
In January 2021, Coinbase shut down XRP trading on its exchange after Ripple Labs was sued by the U.S. Securities and Exchange Commission. Not to mention that Coinbase had asked the court for permission to file an amicus brief in favor of Ripple last month.
By Nov. 30, all parties must have submitted their responses to the requests for summary judgment. The 55-page limit for these replies, which also include responses to the amicus briefs, would be filed under seal.
On December 2, both parties are expected to meet and consult in order to decide which redactions should be made to the reply briefs. According to the initial schedule of events allowed by the court, following this, the redacted version of the reply would be made available to the public on December 5.
Ripple CEO Brad Garlinghouse once hinted at the possibility of a settlement if XRP is considered nonsecurity.
In his opinion, if briefings are finished by November, there is a probability that the lawsuit will be settled within the next two to three months. Although he anticipates a resolution in the first half of 2023, he is not discounting the potential that it may take longer.
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