Coinbase has announced the delisting of XRP from the Coinbase wallet. Is it due to the ongoing XRP vs. SEC battle?
Today, Coinbase announced that the Coinbase wallet would no longer support the assets and network of Ripple (XRP), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM). Due to low usage, the above-mentioned blockchain networks and their coins will not be supported from Jan 2023.
Earlier, in Jan. 2021, Coinbase halted the trading of XRP in the Coinbase exchange. Hence XRP is completely off Coinbase, but XLM, BCH, and ETC can be traded on the Coinbase exchange.
The Impact on XRP Price
There is a panic in the market due to the announcement from Coinbase. But there seems to be no impact on the price of the token. The community believes that XRP will be in demand with or without Coinbase.
Is XRP a Security?
Coinbase has supported Ripple in its battle with the Securities and Exchange Commission (SEC). But XRP is now completely off Coinbase, both the exchange and the wallet no longer support it. The crypto community doesn’t feel confident that the XRP vs. SEC battle will be settled anytime soon due to such delisting from Coinbase.
While some believe that the action taken by Coinbase has nothing to do with the status of the XRP vs. SEC case, others are skeptical about the XRP victory. Coinbase was closely involved in the case, so the community wonders why it would delist XRP unless it had a good inkling that Ripple wouldn’t beat the SEC. They feel it does not sound like XRP is doing good in the courtroom. This leaves people back to the million-dollar question, Is XRP a security?
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