As an experienced analyst, I have closely monitored the crypto market and Binance’s recent developments. The latest update regarding Binance discontinuing support for Ripple’s XRP and TUSD as margin assets came as a surprise to many in the community. However, from my perspective, this move does not seem to be having a significant impact on XRP’s price stability.
TL;DR
- Binance will discontinue support for Ripple’s XRP and TUSD as margin assets, automatically converting any balances to USDT.
XRP’s price remained stable around $0.50, showing little change despite the news.
The Latest Update
The world’s largest cryptocurrency exchange disclosed that it will discontinue support for Ripple’s XRP and the stablecoin TUSD as margin assets in the Multi-Assets Mode. Additionally, the transfer-in limit for these tokens was updated to zero.
Beginning May 28, the announced modifications will become binding. Any residual quantities of XRP and TUSD in futures accounts will be transformed into USDT without the need for manual intervention.
As an analyst, I would advise against opening new futures positions for XRP and TUSD during the conversion period into USDT on Binance. This is to prevent any potential losses that could arise from the conversion process itself. Binance will not be held responsible for any losses incurred on new positions established during this time frame.
After the announcement, XRP exhibited minimal price fluctuations and remained close to the $0.50 level. This represents a 5% decrease in value over the past week.
Binance’s Previous Amendments
Over the past few weeks, the company has rolled out numerous enhancements to its platform. In April alone, it introduced 18 new assets that can be borrowed, including the trending meme coins Pepe (PEPE) and dogewhiz (WIF), on Binance Loans. Additionally, it debuted the perpetual contracts for ARB/USDC and NEO/USDC with a maximum leverage of 50x, and for FIL/USDC, the leverage goes up to an impressive 75x.
Following this, Binance introduced the XRP/JPY, SHIB/JPY, ADA/JPY, and SOL/JPY trading pairs on Binance Spot. Additionally, they made transactions easier for Mexican users by establishing a direct pair between USDT and MXN.
As a crypto investor, I recently noticed that Binance Loans introduced some new assets for lending. Specifically, they added Holo (HOT), Jito (JTO), Manta Network (MANTA), MANTRA (OM), NFPrompt (NFP), and Portal (PORTAL) to their platform.
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2024-05-15 10:30