This Binance Announcement Will Impact Ripple (XRP) Investors: Details

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BitTorrent

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Jul 10, 2023
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This Binance Announcement Will Impact ripple (XRP) Investors: Details


TL;DR

  • binance will end support for Ripple‘s XRP and TUSD as margin assets and automatically convert all balances to USDT.
  • The price of XRP remained stable around $0.50, little changed despite the news.
Last Updated


The world’s largest cryptocurrency exchange announced that it will end support for Ripple’s XRP and stablecoin TUSD as margin assets in Multi-Asset Mode. Additionally, The transfer limit of these tokens has been updated to zero.

The changes will officially go into effect on May 28, and any remaining XRP and TUSD balances in futures wallets will be automatically converted to USDT.

“Users are strongly advised not to add any To avoid new futures positions during the conversion period of XRP and TUSD to USDT any potential losses. “Binance will not be responsible for any new position losses that may occur due to the conversion of funds during this period.” warned.
Meanwhile, XRP showed little to no volatility in the hours following the announcement. It continues to hover around $0.50, which is 5% decline on weekly scale.

Binance’s Previous Changes


The company has released numerous updates to its platform over the past few weeks. In April, Additional 18 new loanable assets like popular meme coins pepe (PEPE) and dog hat (WIF), about Binance Credits. A lot started ARB/USDC and Neo/USDC provide perpetual contracts with up to 50x leverage, while FIL/USDC provides up to 75x leverage.

Binance shortly after including Operations have been simplified for Mexican users by creating XRP/JPY, SHIB/JPY, ADA/JPY and SOL/JPY trading pairs and a direct pair between USDT and MXN on Binance Spot.

Earlier this month, Additional Holo (HOT), Jito (JTO), Manta Network (MANTA), MANTRA (OM), NFPrompt (NFP) and Portal (PORTAL) as new loanable assets on Binance Credits.

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