Prepare for a seismic shift: Binance is saying goodbye to XRP support, effective May 28, 2024. Brace for the transition as remaining XRP balances will automatically convert to USDT (Tether) within 24 hours.

In a major announcement from the cryptocurrency realm, Binance has dropped a bombshell by revealing the termination of support for XRP, starting May 28, 2024, at 06:00 (UTC). This decision impacts XRP and TUSD (TrueUSD) as margin assets in the Multi-Assets Mode.

From May 14, 2024, the transfer-in limit for XRP and TUSD will be zero. Any remaining balances of XRP and TUSD in USDS-M Futures wallets post the cutoff date will undergo automatic conversion to USDT (Tether) within approximately 24 hours.

The aim of the automatic conversion to USDT is to safeguard users from potential disruptions. However, Binance advises caution, urging users to refrain from adding new futures positions during the conversion period to avoid potential losses.

It's worth noting that users may not see the conversion reflected in their Transaction History, adding complexity to the process. Binance has clarified that it will not be liable for any losses resulting from new positions during this transitional phase.

Despite Binance's move, XRP experienced a slight dip to $0.5041 (-0.52%), while trading volume surged by 9.36% to $1,053,944,613. This mirrors Ripple's legal challenges.

In response to Ripple's legal saga, Ripple's CFO, Jonathan Bilich, supports sealing documents in the Ripple vs. SEC case to protect sensitive financial information. Legal expert James K. Filan emphasizes the importance of confidentiality for Ripple's financial figures and strategies.

Binance's decision, alongside the legal uncertainties surrounding XRP, underscores the ever-evolving nature of the cryptocurrency market. Stay tuned for more updates as the crypto rollercoaster continues its wild ride! #altcoins #RippleXRP #XRPUSDT #cryptoupdates