XRP Army Panics as Binance Suspends XRP Withdrawals

XRP Army Panics as Binance Suspends XRP Withdrawals

XRP’s Army had taken to X (formerly twitter) to express displeasure as Binance suspends withdrawals of XRP via the XRPLedger network.

One of the leading voices that called attention to the withdrawal suspension was Edward Farina, the Head of Social Adoption at XRPHealthcare. Farina urged the token investors to move out their tokens from centralized platforms to avoid the inconvenience of asset withdrawals.

XRP’s Withdrawal Suspension Explained

As per details available on Binance’s official website, the exchange routinely conducts system maintenance on its wallets across different networks. During these periods, there might be an impact on deposit and withdrawal services for specific cryptocurrencies.

However, it’s important to note that while such events occur, trading services for the affected tokens remain unaffected. This was evident in the recent XRPL network withdrawal suspension. The provided screenshot indicated that Binance faced high withdrawal volumes, leading to a temporary pause in outflows to prevent extended wait times.

Binance emphasizes that instances of withdrawal suspension shouldn’t cause alarm, unlike the concerns in the community. Additionally, Binance continued to support XRP withdrawals through alternative blockchain networks, including Ethereum ERC20 and BNB Smart Chain (BEP20).

It’s noteworthy that the suspension tag for XRP withdrawals on Binance is no longer visible as of the current report. This suggests that the exchange has likely completed the earlier maintenance operation on its XRP wallets.

Also read:XRP: Xumm Wallet Integrates with Google Pay and Apple Pay

XRP And Ripple

The token community figure Mason Versluis, while commenting on the development, used the opportunity to correct the misattribution surrounding XRP and Ripple.

He corrected that Ripple and XRP are distinct entities; therefore, crypto platforms should desist from mentioning Ripple for both token. In this case, Binance tagged the suspended withdrawal network β€˜Ripple,’ though the exchange implied the XRPL.

Notably, Ripple is a payment firm based in the United States, while the latter is the native asset of the XRPLedger.

Currently XRP trades at 0.0611 per token.

XRP Current Price Chart

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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