Binance announced yesterday via its official Twitter handle that it added a Ripple/Tether trading pair to its exchange platform.
Having been in operation since 2017, Binance has transformed into one of the biggest crypto-exchange services on the planet today. Through an official blog post, the company shared key details of fees and regulations that will be in place for the new XRP/USDT trading pair.
— Binance (@binance) May 4, 2018
For starters, the base fee for exchanging XRP against USDT stands at a flat 0.1% of the total transaction amount. While there are no fees applicable for depositing money, the minimum withdrawal for XRP has been set to 22, and the transaction fee is staked at 0.25XRP.
As things currently stand, Binance is offering users with a total of three trading pairs for Ripple [XRP]. These include:
- XRP/Bitcoin [BTC]
- XRP/Ethereum [ETH]
- XRP/Tether [USDT]
The current market cap for Ripple stands at $35.61 billion, and as of May 5, the crypto powerhouse is trading at an impressive $ 0.909 per token. It is also worth noting that over the course of the past four weeks, Ripple has spiked tremendously and has jumped from a modest $0.46 to more than $0.90 in value.
However, the currency has also incurred some legal issues recently, with the company now facing allegations of state and federal security law violations. A class action suit has also been brought out against the crypto venture, and thus it remains to be seen how the price of Ripple will be affected by these latest developments.
Cover Photo by Tomasz Sroka on Unsplash