Coinbase Wallet has announced that it will no longer support the digital assets of Bitcoin Cash (BCH), Ethereum Classic (ETC), XRP and Stellar (XLM), effective January 2023. The team at Coinbase further explained that the move was due to the ‘low usage’ of the said digital assets on its Coinbase Wallet platform.
Other Coinbase Platforms Will Still Support BCH, ETC, XRP and XLM
Users of the wallet will still be able to withdraw their assets after removal using their recovery phrase.
In addition, the affected assets will still be available on Coinbase.com and its Coinbase trading app.
XRP, ETC, BCH and XLM Remain Stable
Concerning the effect on the price, the four affected digital assets of XRP, Ethereum Classic (ETC), Stellar (XLM) and Bitcoin Cash (BCH) remain stable in the crypto markets despite the move by Coinbase Wallet.
A glance at Coinmarketcap reveals that none of the four assets has been affected negatively by the news, as seen in the screenshot below. As a matter of fact, XRP has gained by over 6% in the last week alone.
XRP is Attempting to Turn its 200-day Moving Average as Support
Further checking the one-day XRP/USDT chart below courtesy of Tradingview, it can be observed that XRP is on a path towards a bullish future as it is now trading above the critical 200-day moving average (green), as it also attempts to turn the $0.40 price area into support.
In addition, its daily MFI (green), MACD and RSI (red) all hint at continual buyer interest in XRP that could result in the digital asset pushing towards the $0.42 resistance area that coincides with the position of the 100-day (yellow) moving average.
However, caution is advised, given that the ripple effects of FTX’s collapse are still being felt in the crypto-verse. Therefore, looking out for additional bankruptcies that might affect market action is recommended.
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