XRP News: Binance To Cease Support For XRP With A Condition

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As a seasoned crypto investor with a keen eye on market trends, I find the recent decision by Binance to drop XRP support an intriguing turn of events. While the initial shock may unsettle investors, I believe that the provision of automatic conversion to USDT mitigates potential disruptions and streamlines operations for the exchange.

In the vibrant world of cryptocurrency exchanges, Binance stands out as a key player. Recently, it made headlines by declaring that it would no longer back XRP. This move sent shockwaves through the market, but there’s an intriguing twist that investors should keep in mind. Additionally, despite Binance’s announcement to withdraw its support for XRP, the cryptocurrency’s price showed a modest rebound.

Binance Drops XRP Support With An Unexpected Turn

In an unexpected announcement, Binance has revealed that it will no longer offer support for XRP, a major cryptocurrency, beginning May 28, 2024. This decision, communicated through a recent update, indicates that Binance Futures will cease to allow XRP and TUSD (TrueUSD) as margin assets when using the Multi-Assets Mode.

Starting on May 14, 2024, at 06:00 (UTC), Binance announced that the maximum transfer-in amount for XRP and TUSD in Multi-Assets Mode has been adjusted to zero. Furthermore, any residual amounts of XRP and TUSD held in USDS-M Futures wallets following May 28, 2024, at 06:00 (UTC), will be converted to USDT (Tether) at set conversion rates within approximately 24 hours.

At the same time, Binance urges users to exercise caution and abstain from opening new futures contracts during the conversion phase to prevent possible losses. It is important to note that Binance will not be held responsible for any losses resulting from newly established positions during this transition. Furthermore, users may notice that the conversion is not immediately reflected in their Transaction History, adding an extra degree of intricacy to the process.

Price Regains Momentum Amid Legal Woes

As a crypto investor, I understand that Binance’s decision to discontinue XRP support may cause initial unease. However, the automatic conversion of XRP to USDT lessens potential disruptions. From a strategic standpoint, this move by Binance is aimed at simplifying operations and adapting to shifting market trends, all while prioritizing user interests. The ever-evolving nature of cryptocurrencies necessitates constant vigilance and adaptability among investors.

As I pen this down, the value of XRP climbed by 0.51% in response to Binance’s latest announcement, reaching a price point of $0.5059. Simultaneously, its trading volume surged by 4.46%, amounting to a significant $815.87 million. Over the previous 24 hours, XRP experienced a minimum price of $0.4977 and a maximum price of $0.5117.

In contrast, the development arises as the Ripple vs. SEC lawsuit undergoes a shift with the submission of omnibus letter motions on May 13 to conceal pivotal information. Ripple’s Chief Financial Officer, Jonathan Bilich, advocates for hiding these documents due to their sensitive nature.

Significantly, James K. Filan, a well-known attorney, brings attention to this progression. At the same time, Bradley Bilich’s statement emphasizes the necessity of concealing Ripple’s financial details, confidential contract clauses, and strategic business plans in light of the ongoing legal dispute. This action is intended to protect Ripple’s valuable intellectual property during the court proceedings.

Currently, Binance’s newest declaration is generating debate as the legal situation surrounding Ripple’s native cryptocurrency, XRP, continues to evolve.

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2024-05-14 12:52