Binance Unveils Exciting XRP Update: Key Insights for Crypto Enthusiasts (XRP)

  • Binance Futures, the futures trading platform of the renowned crypto exchange Binance, has announced its decision to discontinue support for XRP as a margin asset in the Multi-Assets Mode from May 28, 2024.
  • This decision also impacts the TrueUSD (TUSD) stablecoin, with the transfer-in limit for both XRP and TUSD in the Multi-Assets Mode being updated to zero.
  • Simultaneously, Ripple’s XRP Ledger EVM sidechain has landed a significant collaboration with Evmos and Peersyst to enhance its development and interoperability.

Binance Futures discontinues XRP support while Ripple’s XRP Ledger EVM sidechain secures a major collaboration with Evmos and Peersyst, marking significant developments in the crypto world.

Binance Futures to Discontinue XRP Support

Binance Futures has announced that from May 28, 2024, at 6:00 a.m. (UTC), it will no longer support XRP as a margin asset in the Multi-Assets Mode. This decision also affects the TrueUSD (TUSD) stablecoin. As a result, the transfer-in limit for XRP and TUSD in the Multi-Assets Mode has been updated to zero. Post May 28, any remaining XRP and TUSD balances in USD-M Futures wallets will be automatically converted to USDT at specified ratios within approximately 24 hours. Binance has advised users against adding any new futures positions during the conversion period on May 28 to avoid potential losses.

Ripple EVM Sidechain Lands Major Collaboration

In a significant development, Evmos, Ripple, and Peersyst have joined forces to develop and enhance the XRP Ledger EVM sidechain. Evmos, a modular and customizable tech stack with a range of features and modules centered around the EVM implementation for Cosmos SDK, will be utilized to further develop and enhance the XRP Ledger EVM sidechain, which is currently in Devnet. The collaboration will see the addition of evmOS Outposts to enhance the interoperability of the XRPL EVM sidechain, bringing XRPL to the interchain and connecting its vast community of users, dApps, and liquidity to a network of over 90 interconnected chains.

Conclusion

These developments mark significant shifts in the crypto landscape. Binance Futures’ decision to discontinue XRP support could impact traders and the XRP market. Meanwhile, the collaboration between Ripple, Evmos, and Peersyst could potentially enhance the functionality and reach of the XRP Ledger EVM sidechain, opening up new possibilities for users and developers in the crypto space.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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