Over the weekend, Coinbase saw the withdrawal of $2 billion worth of Bitcoin. copy
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Coinbase XRP - Coinbase Wallet XRP

According to Cryptoslate, on the weekend of November 26 and 27, around $2 billion worth of bitcoin was withdrawn from Coinbase, increasing the total amount taken out since November 24 to $3.5 billion.

Over the weekend, Coinbase xrp saw the withdrawal of $2 billion worth of Bitcoin.

Ryptoslate added that a total of $1.5 billion in Bitcoin (BTC) withdrawals from the exchange occurred between November 24 and November 25. The exchange’s reserves have been losing roughly 50,000 BTC daily since November 24, totaling about $3.5 billion.

According to the figures, Binance increased its reserves by a total of 78,000 BTC, which is currently equivalent to around $1.2 billion.

According to data from Glassnode, the great majority of the main exchanges see frequent BTC withdrawals.

According to the figures, Binance increased its reserves by a total of 78,000 BTC, which is currently equivalent to around $1.2 billion.

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Coinbase, a cryptocurrency exchange, plans to remove $XRP off its platform.

  • On December 5, 2022, Coinbase will delist XRP.
  • The cryptocurrency behemoth will also discontinue supporting BCH, ETC, and XLM.
  • This change has been attributed to low usage.
  • The prices of these tokens barely changed as a result of this announcement.
Coinbase, a cryptocurrency exchange, plans to remove $XRP off its platform.

Coinbase will discontinue promoting XRP on its platform as of December 5, 2022. The company, which is likely the most well-known cryptocurrency exchange in the US, has also added Stellar, Ethereum Classic, and Bitcoin Cash to the list of coins that will be delisted in a week. The exchange has stated that this decision was made due to “poor usage.”

Your assets won’t be lost as a result of this. Your address(es) and your unsupported assets will still be linked, and your Coinbase Wallet recovery phrase will still be used to access them. the company’s website stated.

Users will be able to transfer their assets even after December 5 by importing their recovery phrase into another non-custodial wallet provider that supports the soon-to-be-delisted networks, according to a statement from the exchange.

Following a complaint filed by the US Securities and Exchange Commission against Ripple Labs, Coinbase halted XRP trading in January 2021.

The decision made by Coinbase barely affects the price of tokens.

Given that there was no public notification, Coinbase’s action was very puzzling. With a market cap of more than $19 billion, XRP is the seventh-largest cryptocurrency in the world. Such a token’s trading may be impacted by the high-profile action of delisting it.

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It’s interesting to note that the announcement of the affected currencies’ delisting from one of the biggest cryptocurrency exchanges in the world hasn’t had much of an effect on their pricing. According to data from Coin Market Cap, XRP initially experienced a modest dip before quickly regaining its pre-news pricing. At the time of writing, the token is worth $0.391.

Will the price of XRP drop 16% if Coinbase stops supporting Ripple in its wallet?

  • Due to minimal usage, Ripple and a few other cryptocurrencies would no longer be supported, according to Coinbase.
  • With a 48-hour gain of 5.2%, Ripple is attempting to retake its immediate support level of $0.4092.
  • XRP price may test $0.3497 if FTX-induced contagion causes bearishness in the market; failing to do so would invalidate the bullish thesis.

The lack of demand led Coinbase to decide to stop supporting the currency, which is positive news for the cryptocurrency industry. This is due to the fact that the collapse of FTX was the root cause of every unfavorable development in space over the past few weeks. The demise of the cryptocurrency exchange poses a greater threat to the price of XRP than the Coinbase wallet ceasing to support the asset, though.

Coinbase pays attention to their users

Ripple (XRP), Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar would no longer be supported by Coinbase’s wallet, according to a November 29 release (XLM). The decision was made by the second-largest cryptocurrency exchange in the world after Coinbase discovered that there was little utilisation of these assets.

As a result, the platform will stop supporting the aforementioned tokens as of January 2023. The exchange informed consumers, however, that no asset would be lost and that they could retrieve them during their recovery phases.

Ripple stood out as the most unexpected asset among those slated to lose support because, despite being in the news, it did not appear to be in demand.

XRP price on a rise

The price of XRP was spotted circling at $0.3959 after increasing by 5.2% over the previous two days. The cryptocurrency is close to regaining a crucial support level, but XRP needs more purchasing pressure to follow suit.

This would cause the asset’s price to rise near $0.4092, which acts as the price of XRP’s immediate resistance. In order to convert $0.4092 into support, there must be an increase in buyer activity, as shown by the Relative Strength Index (RSI). If the price of XRP can overcome the barrier of $0.4208, this will enable a rally to reach $0.4359.

Coinbase, a cryptocurrency exchange, plans to remove $XRP off its platform.

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