The dip was enough for whales holdings between 10 million and 100 million XRP tokens to add to their stash. Notably, as reported, large holders of XRP, colloquially known as whales in the cryptocurrency space, have reportedly amassed a staggering 1.1 billion XRP, equivalent to roughly $570 million, since February.Įarlier this month, as CryptoGlobe reported, XRP whales accumulated over 360 million tokens after the price of the cryptocurrency tumbled by around 12% within a single week. ![]() The delisting comes at a time in which Binance and Ripple, a major player in the XRP space, are both dealing with lawsuits from the SEC, which alleges both violated securities laws in different ways. Hence, when XRP experiences a 1% rise, the token should ideally surge by 3% The mechanism works both ways, however, and if XRP slides by 1%, the token should slide by 3%. This essentially means that as XRP appreciates, the leverage of its associated token follows suit, and vice versa.įor instance, a 3x long leveraged token pegged to XRP has the goal of mirroring thrice the daily percentage fluctuation of XRP’s price. Using a sophisticated algorithm to adjust the token’s leverage in real time, these leveraged tokens ebb and flow with the price movements of their underlying cryptocurrency. Leveraged tokens, it’s worth noting, provide traders the opportunity to magnify their exposure to specific cryptocurrencies such as XRP. The announcement details that if users are still holding their leveraged tokens after they’re delisted Binance will convert them into Tether’s USDT stablecoin based on the net asset value they had at the time of delisting. Securities and Exchange Commission (SEC) over the sale of alleged unregistered securities.Īccording to Binance’s announcement, both leveraged tokens offering users exposure to long or short $XRP are going to be delisted from the platform at the specified date, and users are advised to redeem their tokens via the wallet function before it arrives. ![]() Leading cryptocurrency exchange Binance has recently announced it’s delisting its XRPUP and XRPDOWN leveraged tokens on July 25 at 6 am UTC, in a move that comes at a time in which both Binance and Ripple Labs were sued by the U.S.
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