Breaking News: Binance Update Impacts Ripple (XRP) Trading – Essential Details for Crypto Investors

  • Binance, the world’s largest cryptocurrency exchange, has announced that it will cease support for Ripple’s XRP and TUSD as margin assets, converting any remaining balances to USDT.
  • Despite this announcement, XRP’s price has remained stable, hovering around the $0.50 mark.

Binance discontinues XRP and TUSD as margin assets, yet XRP’s price remains stable. Learn more about this latest development in the crypto world.

Binance’s Latest Announcement

Binance, the world’s leading cryptocurrency exchange, recently disclosed that it will discontinue support for Ripple’s XRP and the stablecoin TUSD as margin assets in the Multi-Assets Mode. The transfer-in limit for these tokens has also been updated to zero. These changes will officially take effect on May 28, and any remaining XRP and TUSD balances in futures wallets will be automatically converted to USDT. Binance has advised users not to add any new futures positions during the conversion period to avoid potential losses.

Impact on XRP’s Price

Despite this announcement, XRP’s price has remained largely unaffected. The cryptocurrency continues to trade around the $0.50 mark, showing a 5% decline on a weekly scale but little-to-no volatility in the hours following Binance’s announcement.

Previous Changes by Binance

Binance has been active in updating its platform over the past few weeks. In April, it added 18 new loanable assets, including popular meme coins Pepe (PEPE) and dogwifhat (WIF), to Binance Loans. It also launched the ARB/USDC and NEO/USDC perpetual contracts with up to 50x leverage, while FIL/USDC enables up to 75x leverage. Following these changes, Binance included the XRP/JPY, SHIB/JPY, ADA/JPY, and SOL/JPY trading pairs on Binance Spot and simplified operations for Mexican users by introducing a direct pair between USDT and MXN. Earlier this month, it added Holo (HOT), Jito (JTO), Manta Network (MANTA), MANTRA (OM), NFPrompt (NFP), and Portal (PORTAL) as new loanable assets on Binance Loans.

Conclusion

In conclusion, while Binance’s decision to discontinue support for XRP and TUSD as margin assets may impact some users, it appears to have had little effect on XRP’s price. As the crypto market continues to evolve, it will be interesting to see how these changes play out and what further developments Binance has in store.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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