Coinbase XRP Delisting: Why Support Ended on December 5th, 2022
If you\'re wondering why you can no longer use XRP (Ripple) on Coinbase, you\'re not alone. As of December 5th, 2022, Coinbase officially ceased supporting XRP, along with several other cryptocurrencies, within the Coinbase Wallet.
Coinbase Wallet Discontinues Support for XRP and Other Tokens
Coinbase Wallet, a popular cryptocurrency exchange platform, officially confirmed that it would no longer continue to support XRP and three other tokens. The news was initially announced in a November 29th notice on their help pages. This change impacted how users could interact with these digital assets within the Coinbase Wallet environment.
Which Tokens Were Affected?
Four major tokens were no longer supported by Coinbase Wallet as of December 5th. According to the initial announcement, Coinbase Wallet will no longer support Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar Lumens (XLM), and most notably, XRP. The official reason cited for this delisting was low usage among Coinbase Wallet users.
Official Coinbase Announcement Snippets
Here are direct quotes from Coinbase’s announcement regarding the XRP delisting:
- "Coinbase Wallet will no longer support four major tokens as of Dec. 5. In a Nov. 29 notice on its help pages, Coinbase said the wallet will no longer support Bitcoin Cash..."
- "Four major tokens will no longer be supported by Coinbase Wallet as of December 5. According to a notice posted on November 29 by the company, Coinbase Wallet will cease supporting…"
Reasoning Behind the Delisting
While Coinbase cited "low usage" as the primary reason for removing XRP and the other tokens, other factors might have played a role. Lingering regulatory uncertainty surrounding XRP could have influenced Coinbase\'s decision to limit their exposure to the token. However, the official stance remains that the usage numbers simply didn\'t justify continued support within the Coinbase Wallet.
What Does This Mean for XRP Holders?
This change specifically affected the Coinbase Wallet. It’s important to distinguish this from the Coinbase exchange itself. While deposits and withdrawals were disabled within the Wallet, XRP holders can still potentially access their funds if they hold the private keys. Users needed to transfer their XRP to another wallet or exchange that still supports the token before the December 5th deadline to maintain access to their funds. If you missed the deadline, exploring private key recovery options is crucial.
Is Coinbase Supporting XRP Trading on the Exchange?
This article addresses the Coinbase Wallet\'s delisting. Please verify the current listing status of XRP on the Coinbase exchange independently, as exchange listings can change.
Disclaimer: Cryptocurrency investments are speculative and carry risk. This article is for informational purposes only and does not constitute financial advice.
Traducción al español (Spanish Translation)
"A partir del 5 de diciembre de 2022, Coinbase Wallet dejó de admitir los siguientes activos y redes debido a su bajo uso: BCH, ETC, XLM y XRP", según el comunicado. El mensaje se publicó originalmente el 29 de noviembre.