- Coinbase Wallet will remove support for BCH, ETC, XLM, and XRP.
- This action is due to the low activity of the mentioned coins.
- However, there are no price anomalies for these coins.
Coinbase Wallet is on track to remove support for some coins with “low activity” on the platform. The coins under the limelight are XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar (XLM). The Coinbase team will implement the complete termination of the mentioned coins in January 2023.
However, in the following tweet, they remarked: “Rest assured that any balances of these assets held in a Coinbase account (coinbase. com or the Coinbase mobile app) will not be impacted.”
The first Twitter post of the Coinbase Wallet, regarding the announcement, also read that the team has been carefully evaluating coins, and this routine process will allow them to continue “investing in new features that make Web3 more accessible.”
Significantly, in a blog post, Coinbase clearly stated that stopping support for these coins does not mean that the users’ assets will be lost. These unsupported coins will be still tied to user addresses and accessible through their Coinbase Wallet recovery phrase. To transfer or view these unsupported cryptos in 2023, users will have to import their recovery phrase on another non-custodial wallet provider that supports these coin networks.
After this jolting news from Coinbase, the price of BCH, ETC, XLM, and XRP did not show major downtrends, as of this writing. At the moment when Coinbase Wallet announced the withdrawal of the coins, the XRP price was surging and still continues to show this trend. The coin is priced at $0.4031, 2.31% up at press time.
The trading chart of XRP indicates that its price could reach a $0.42 level. As the EMA 20 line touched the current green candle, XRP recorded its price above the $0.3959 resistance zone.
Ethereum Classic (ETC) also signals green as of now, with a price of $20.05, which is 2% up in the past 24 hours. When compared to the past week, ETC shows green candles. But, the price has not yet tapped at $20.9, the highest price of the last week. Therefore, $20.9 would be a watershed for ETC. However, the upper tick of the green candle just hit the minor resistance zone — $20.5.
Bitcoin Cash (BCH) also followed the same trajectory as ETC. After a hike of $120 in the past week, bears ravaged the market, making a step-line downtrend for BCH. However, the coin managed to cross the $112 support zone. If the current uptrend persists, BCH could make another positive trend at $115 support. As of now, BCH trades at $112.5 and 0.8% high in the past 24 hours.
Stellar (XLM) currently trades at $0.08975, a 1.19% high in the past 24 hours. Earlier on November 1, XLM was predicted to go either down or up based on its frequent resistance ($0.1340) and support points ($0.0990), starting from June 2022. Although the price went slightly up after November 1, XLM could not withstand this hike like all other coins due to the FTX collapse. As clear from the graph, in the past six days, XLM did not reflect higher highs or lower lows, instead, it showed some frequently fluctuating patterns.
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