New XRP Pair Added by This Binance US Offering: Details

29 July 2023

in XRP

Reading Time: 2 mins read

Tomiwabold Olajide

Major exchanges reinstated XRP on their platforms in response to Ripple’s recent judgment

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BinanceUS, a subsidiary of the leading cryptocurrency exchange Binance, has expanded XRP support. This comes barely two weeks after it announced the launch of XRP trading on its platform on July 14 via the XRP/USDT pair.

In a new tweet, BinanceUS announces the addition of a new convert pair for XRP to its BinanceUS convert feature, which allows users to directly convert one cryptocurrency for another in only a few taps.

XRP was relisted on BinanceUS earlier this month. The platform halted XRP trading shortly after the SEC filed the Ripple lawsuit in December 2020.

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Also this month, some major exchanges reinstated XRP on their platforms in response to Ripple’s recent judgment that the selling of tokens on exchanges and through algorithms did not constitute investment contracts.

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Coinbase, Kraken, Crypto.com and Bitstamp have all green-lit XRP trading, with more to follow in the coming days.

XRP sustains speculative interest

XRP, the fourth-largest cryptocurrency by market capitalization, might be sustaining speculative interest, according to data from on-chain research firm Kaiko.

In a July 27 tweet, Kaiko reported that the perpetual futures volume-to-open-interest ratio on most exchanges is above normal, indicating sustained speculative activity.

Because of the recent Ripple verdict, XRP has attracted new huge whales, some of whom may have purchased recently or just added to existing holdings. According to Santiment, the number of whale wallets containing more than 100 million coins has grown to 199, the highest figure since May 13.

In the past week, XRP drew a combined inflow of $9.2 million in investment products; BTC, on the other hand, saw 13 million in outflows.

At the time of writing, XRP was marginally higher in the last 24 hours to $0.711.

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