Support For XRP Removed By Coinbase Raises Concerns About Future Of XRP

XRP’s trading value has experienced a slight boost in the past 24 hours. The report confirms that the asset has recorded a 2% surge in value reaching all the way up to $0.404066.

The price of the altcoin has continued rising even after an alarming update was shared by Coinbase pertaining to XRP on their platform.

Coinbase Announces Removal of XRP

The recent developments pertaining to XRP have brought Coinbase under the spotlight making an alarming announcement involving the altcoin.

The second-largest exchange has announced that it will be revoking support for XRP from its wallets. Many thought that the removal would have a huge impact on the trading price of XRP, but it did not.

The entire crypto industry was surprised to see that the trading price of XRP has continued surging despite the recent Coinbase announcement.

The value of the altcoin surged 2% despite the alarming news and it is currently trading at a high of $0.404066.

Even the past 7-day performance of the altcoin has been praiseworthy as it increased 7% in value. However, the asset has suffered an 11% decline in value in the past 30 days.

The 30-day performance for XRP can be ignored keeping in mind that the entire crypto industry took the fall due to the FTX crash.

XRP was not the only cryptocurrency industry that suffered a huge plunge at the beginning of November due to the FTX debacle.

Compared to other major crypto, XRP’s plunge did not make much of a difference for the asset.

The asset was able to shed the losses throughout the month and what could have been worse has been reduced to 11%.

The Bearish Trend May Return

Although XRP is out of the ripple created by the FTX crash, for now, there is a possibility that it may find itself there again. This is because the contagion from the FTX is still in play.

So far, many other firms have also admitted to having held an enormous amount of funds at the FTX exchange. BlockFi is among the latest entities that had to go bankrupt in the light of the FTX crash.

If the FTX matter was not enough to make XRP bearish enough, Coinbase has now announced the removal of the XRP token from their wallets.

Coinbase Wallets to End Support for XRP

The announcement from Coinbase is very odd and it has come at a time when Ripple was about to reach a conclusion in its case against the US SEC.

The majority of the people following the case between Ripple-SEC have shown their support for the crypto-blockchain technology platform.

Even Coinbase itself had registered itself as one of the supporters of Ripple, requesting to file an amicus to expedite the court process.

Now, the XRP communities are questioning what’s on the mind of the Coinbase executives. While many are concerned with Coinbase’s latest action, some of the market gurus have come to back Coinbase.

According to the market experts, it is not a matter of Coinbase backing out from supporting Ripple, it is only a matter of low demand for XRP.

Surprisingly, XRP is not the only asset that has been removed from the Coinbase wallets. The exchange has also removed other cryptocurrencies due to a lack of demand and low activity.

Other Coins Removed by Coinbase

It has been pointed out that Coinbase has also removed other tokens that can also be considered quite popular in the crypto market.

These assets include Stellar (XLM), Bitcoin Cash (BCH), and Ethereum Classic (ETC). Going forward, Coinbase may remove more tokens from its platform.

Future of XRP

With the ambiguity and uncertainty out of the way, it is time to look at the future price prediction for XRP. Despite Coinbase’s latest announcement, XRP is still in the bullish zone.

The RSI is also backing up the bullish movement as it is far from hitting the ‘overbought’ mark. If that is the case, then the trading price of XRP is far from losing its momentum.

It may continue pushing higher and may soon be able to hit a higher trading mark.