Binance will stop supporting XRP, effective May 28, 2024. Be prepared for the transition as remaining XRP balances will automatically convert to USDT (Tether) within 24 hours.
Big news from the crypto world!#Binancecaused a huge stir when it announced the end of support for #XRP, effective May 28, 2024, at 06:00 (UTC).
Starting May 14, 2024, the transfer limit for XRP and TUSD will be zero. Any remaining balance of XRP and TUSD in the USDS-M Futures wallet after the expiration date will be automatically converted to USDT (Tether) within approximately 24 hours.
đ± Seamless conversion to USDT
What is the purpose of automatic conversion to USDT? To help users avoid possible interruptions. However, Binance advises caution, urging users to refrain from adding new futures positions during the transition period to avoid possible losses.
Here's the catch: Users may not see conversions reflected in their Transaction History, which makes the process more complicated. Binance has waived liability for any losses arising from new positions during this transition period.
đĄ Despite Binance's move, XRP fell slightly to $0.5041 (-0.52%), while trading volume increased 9.36% to $1,053,944,613. This reflects Ripple's legal challenges.
Ripple Chief Financial Officer Jonathan Bilich supports sealing documents in the Ripple vs. SEC case to protect sensitive financial information. Legal expert James K. Filan emphasized the security of Ripple's financial metrics and strategies.
đ Binance's moves and legal context
Binance's decision, along with the legal saga surrounding XRP, Ripple's native cryptocurrency, underscores the ever-changing nature of the cryptocurrency market. Stay tuned for more updates as the crypto roller coaster continues its wild ride! $XRP
#altcoins  #RippleXRP?  #XRPUSDTđš  #Xrpđ„đ„  #BTC
