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BinanceUS has added a new Convert pair for XRP, essentially expanding its support for the asset shortly after relisting in the wake of the SEC lawsuit victory.
In a recent tweet, BinanceUS, a sister platform to the world’s largest exchange Binance, has expanded its support for XRP.
BinanceUS took to Twitter to announce the addition of a new Convert pair for XRP. At the same time, the American-based exchange also announced a new Convert pair for ARB.
“We’ve added new Convert pairs for $ARB and $XRP,” the team disclosed in a recent tweet.
With #BinanceUS’ Convert feature, you can directly convert one #cryptocurrency for another in just a few taps.
No trading fees and no surprises. Receive exactly what you agree to.
Best of all, we've added new Convert pairs for $ARB and $XRP!
— Binance.US 🇺🇸 (@BinanceUS) July 28, 2023
For context, the BinanceUS Convert is a feature that allows users to easily and directly convert their existing crypto assets into another or USD. Notably, users can make the conversion instantly at zero cost.
Based on growing user demands, BinanceUS introduced the service on April 15, 2022. At press time, BinanceUS Convert supports over 20 cryptocurrencies, including XRP, SOL, BTC, ETH, USDC, ADA, and USDT.
BinanceUS Relists XRP
Notably, the announcement comes two weeks after BinanceUS relisted XRP on its platform. Recall that BinanceUS delisted XRP less than a month after the SEC labeled the coin an unregistered securities on December 20, 2020.
Shortly after the SEC charged Ripple with selling XRP as an unregistered security, BinanceUS delisted the coin on January 13, 2021, at 10:00 AM (ET).
With Judge Torres declaring XRP a non-security, BinanceUS joined Coinbase and Kraken to relist the coin for trading. Interestingly, the exchange has gone the extra mile by expanding XRP support with the recent inclusion.
Growing Demand
Meanwhile, XRP has been experiencing increased market activity since the beginning of the year amid growing demand. Things got more interesting for the asset after Judge Torres declared the coin a non-security on July 13.
As reported earlier, the global trading volume of XRP has surpassed $117 billion in 2023 alone. It is interesting to note that more people are still interested in the coin.
Renowned XRP influencer Lewis Jackson said that as of July 25, 2023, a whopping 3.2 million XRP accounts had been created. This suggests that an average of 1,166 new accounts are created daily.
Data from XRP Scan shows that the total XRP accounts currently sit at 4.72 million. Of the 100 billion XRP, 58.27B are in circulation, while 41.7 billion coins are in Ripple’s escrow accounts. Meanwhile, 11.46M XRP have been burned so far.
At press time, XRP is trading at $0.699, down 2.5% in the past 24 hours.