Binance Issues Key Update for Ripple (XRP) and Altcoin Traders

Binance Issues Key Update for Ripple (XRP) and Altcoin Traders

Binance, the world’s largest cryptocurrency exchange, is set to implement key updates aimed at enhancing user experience. The changes will take effect on February 10 and will include new trading pairs as well as modifications to existing services.

Key Updates for Ripple (XRP) and Altcoin Traders

As part of its efforts, Binance will introduce additional trading pairs that include Ripple (XRP), Sui (SUI), and Aster (ASTER). The new pairs, XRP/U, SUI/U, ASTER/U, and PAXG/U, will be available for trading beginning February 10. The ‘U’ in these pairs stands for United Stables, a stablecoin expected to launch by the end of 2025, which will be pegged to the US dollar.

Zero Maker Fees for Eligible Users

  • All eligible users can benefit from zero maker fees on the new pairs.
  • VIP clients will enjoy zero taker fees for XRP/U, SUI/U, and ASTER/U.

These fee waivers will remain in place “until further notice.” However, it’s important to note that the new offerings will not be available to users from countries like the USA, Canada, and Iran.

Market Impact and Current Trends

While Binance’s backing may positively influence the prices of XRP, SUI, and ASTER, such effects are typically seen at the time of initial listings. As of February 9, all three cryptocurrencies experienced declines, mirroring the broader downturn in the crypto market.

Removal of Underperforming Pairs

In addition to introducing new trading pairs, Binance will also remove 20 underperforming pairs from its platform. The list includes pairs such as BERA/BTC, ICP/ETH, and MANA/ETH.

Binance clarified that the delisting of specific trading pairs does not eliminate the tokens’ availability on its platform. Users can continue to trade the base and quote assets of these pairs through other available pairings.

Recent Market Performance

The assets set for removal have also seen price drops, which is common during bearish market conditions. Binance’s previous delistings, like those of Flamingo (FLM) and Kadena (KDA), resulted in significant price declines, showcasing the potential impact of such actions.

For traders involved in Ripple (XRP) and other altcoins, these updates from Binance represent important developments to watch. Keeping abreast of these changes can help traders make informed decisions in a volatile market.