What is Binance Peg XRP? Basics of trading on Binance Peg XRP
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Binance-Peg XRP (XRP) is a new digital asset that appeared in the crypto market a few years back. However, many traders already own XRP-Pegged but don’t understand what this cryptocurrency means? What does Peg XRP have to do with XRP? How to trade or convert it to XRP. The following article explores the details of Peg XRP and what you need to know when owning and trading this cryptocurrency.
What is Binance Peg?
Before learning about Peg XRP, we need to know about Peg Tokens. Peg means that one cryptocurrency is tied to another. The purpose of Peg tokens is to make it possible for traders to trade native assets on the Binance Chain ecosystem at a 1:1 ratio. This swap mechanism helps migrate cryptocurrencies to Binance Chain so that traders can experience unattended trading.
Binance-Peg Tokens are only traded and deposited on Binance. Traders cannot send Binance-Peg Tokens to exchanges that do not support them and are non-refundable or lost forever if sent to other exchanges.
What is Binance Peg XRP?
Binance Peg XRP (or XRP-Pegged) is most simply understood as a derivative product of the Binance exchange, a copy of the regular XRP. XRP-Pegged is announced for listing on Binance DEX as of October 10, 2019. The XRP/BNB trading pair is open on Binance DEX and available for trading as soon as the announcement is made. XRP-Pegged remains exactly 1-1 with XRP on Binance’s leading exchange for instant swaps with no spreads, no slippage, and no fees. Users can only sell XRP-BF2 (XRP-Pegged) through Binance.
Users consider XRP-Pegged to be more convenient than owning the original XRP. Traders can easily convert XRP-Pegged to BNB at any time. In addition, trading XRP-Pegged on Binance has always had low transaction fees.
Things to know when trading Binance peg XRP
XRP-Pegged ranks in the global cryptocurrency rankings with an average daily trading volume of $1.55M. The current XRP-Pegged price is $0.61. The 24-hour XRP-Pegged trading volume is $1.546,966, and the price has changed by +0.96%. Currently, there is a maximum supply of 200 million USD. The liquidity score is 26.7. Mdex BSC is presently the most active XRP-Pegged exchange market.
XRP-Pegged reached a record high at $1.66 on May 18, 2021.
XRP-Pegged hit a record low of $0.518667 on July 20, 2021.
Trading volume in 24 hours
The 24-hour trading volume of Binance-Peg XRP is 1,546,966.
Where can Binance-Peg XRP be traded?
You can trade Binance-Peg XRP on Mdex BSC and PancakeSwap (v2).
In short, Binance Peg XRP is a derivative product created by Binance that has a 1:1 ratio to the XRP coin. XRP-Pegged makes it possible for users to experience unattended trading on the Binance Chain ecosystem. Although, the XRP Peg has a 1:1 ratio to XRP, meaning that when XRP rises or falls in price, the Peg XRP has the same value. However, users can only trade and convert XRP-Pegged on Binance exchange, but cannot transfer Peg XRP to non-supporting XRP crypto wallets. Therefore, the trading of XRP-Pegged depends entirely on the Binance exchange. Users will not be harmed if Binance is still working fine.
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