XRP gives back gains after Senate crypto bill sparks 5% rally
XRP retreats after a 5% rally as Senate's CLARITY Act discussions loom.
CoinDesk1 min read
Big Binance Updates, Ripple (XRP) Price Predictions, and More: Bits Recap May 15
TL;DR
Binance has made significant platform changes, impacting various cryptocurrencies. Ripple's XRP has increased by 6% weekly, while Cardano's ADA saw a 2% rise amid optimistic forecasts.
Key points
- Binance made significant platform amendments
- Ripple's XRP price increased by 6% weekly
- Binance removed several cryptocurrencies
- Cardano's ADA rose by 2% in the past week
- Removal leads to reduced liquidity and price crashes
Mentioned in this story
Binance
AutomataHarvest FinanceEnzymePhoenix
The world’s leading crypto exchange has made several platform amendments recently, triggering major volatility in the involved digital assets.
Ripple’s XRP is up 6% on a weekly scale, but its price performance now depends even more on the actions of the large investors. Meanwhile, Cardano’s ADA has posted a minor 2% increase for the past seven days, while numerous analysts remain optimistic that a much more substantial spike could be on the way.
Binance Said Goodbye to These Coins
Earlier this week, the company removed Automata (ATA), Harvest Finance (FARM), Enzyme (MLN), Phoenix (PHB), and Syscoin (SYS). The prices of the lesser-known altcoins crashed by double digits after the announcement, which is a rather normal reaction.
When a heavyweight like Binance terminates services for certain cryptocurrencies, it leads to reduced liquidity, diminished availability, and reputational damage.
The same thing happened in April when the exchange said goodbye to Beefy.Finance (BIFI), FunToken (FUN), FIO Protocol (FIO), Orchid (OXT), Measurable Data Token (MDT), and Wanchain (WAN).
Binance’s other recent updates include the listing of the trading pairs MEGA/U, TON/U, and TON/USD1 to its margin program, as well as the launch of the BTC/USD1 perpetual contract with up to 100x leverage.
XRP Flashes Green
Ripple’s cross-border token briefly spiked to a two-month high of $1.55 on May 14, then fell to the current $1.47. This still represents a solid 6% jump on a weekly scale.
Its sudden move north was likely a reaction to news about the CLARITY Act, which the US Senate Banking Committee passed 15-9 in a bipartisan vote.
Meanwhile, the spot XRP ETFs continue to attract significant capital. This means that institutional investors, such as pension funds and hedge funds, have increased their exposure to the asset, requiring the funds’ issuers to buy real assets from the market to back the shares: a bullish factor that could potentially benefit the price.
Q&A
What cryptocurrencies did Binance remove recently?
Binance recently removed Automata (ATA), Harvest Finance (FARM), Enzyme (MLN), Phoenix (PHB), and Syscoin (SYS).
How has Ripple's XRP price changed recently?
Ripple's XRP has increased by 6% over the past week, but its future performance is heavily influenced by large investors.
What is the impact of Binance removing coins on their prices?
The removal of coins by Binance typically leads to reduced liquidity and availability, causing prices of those cryptocurrencies to crash by double digits.
