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This Is Why XRP Is Getting Removed from Coinbase Wallet

Wed, 11/30/2022 - 09:05
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Gamza Khanzadaev
Decision to cut off XRP support from Coinbase Wallet met with mixed reactions all across crypto space
This Is Why XRP Is Getting Removed from Coinbase Wallet
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The Coinbase Wallet, a product of the cryptocurrency exchange of the same name, will disable support for XRP and some other coins, it was reported a few hours ago. This will happen early next year and is due to low activity around these assets, according to Coinbase Wallet's official Twitter account.

The news has been met with a mixed reception, especially by those who identify with the XRP community. To many, it is reminiscent of XRP's delisting from Coinbase itself a few years earlier, although the exchange went ahead with it then due to regulatory pressure.

Without denying the reasons behind the Coinbase Wallet team's decision, it is worth mentioning that XRP is still one of the largest cryptocurrencies and has the eighth largest daily turnover of $1 billion on average, according to CoinMarketCap.

XRP Now Almost Twice as Big as Coinbase by Capitalization: Details

Hot wallets battle continues

Coinbase Wallet's competitors have not failed to take advantage of the withdrawal of support for such a large asset with a big community around it. Xumm Wallet from XRPL Labs stated that the low activity mentioned in the report is due to everyone using Xumm for XRP transactions.

At the same time, Trust Wallet CEO Eowyn Chen expressed genuine surprise hearing that XRP is low usage, inviting users of all repudiated crypto assets to migrate to Trust Wallet (TWT) with an appropriate mechanism already in place.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.