Binance-Peg XRP (XRP) is a new digital asset that appeared in the cryptocurrency market a few years ago. However, many traders already own XRP-Pegged but do not understand what this cryptocurrency means? What does Peg XRP have to do with XRP? How to exchange it or convert it to XRP. The following article explores the details of Peg XRP and what you need to know when you own and trade this cryptocurrency.
Table of Contents:
What Is Binance Peg?
Before we know Peg XRP, we need to know Peg Tokens. Peg means that one cryptocurrency is tied to another. The purpose of Peg tokens is to allow 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 automated 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 not refundable or lost forever if sent to other exchanges.
What Is Binance Peg XRP?
Binance Peg XRP (or XRP-Pegged) is more 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 effective 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 commissions. Users can only sell XRP-BF2 (XRP-Pegged) through Binance.
Users consider XRP-Pegged to be cheaper than owning the original XRP. Traders can easily convert XRP-Pegged to BNB at any time. In addition, XRP-Pegged trading on Binance has always had low transaction fees.
Things to Know When Trading Binance Peg XRP
generality
XRP-Pegged ranks in the global cryptocurrency rankings with an average daily trading volume of $1.55 million. 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 dollars. The liquidity score is 26.7. Mdex BSC is currently the most active XRP-Pegged exchange market.
Higher price
XRP-Pegged reached a record high at $1.66 on May 18, 2021.
Lowest price
XRP-Pegged hit a record low of $0.518667 on July 20, 2021.
Trading volume in 24 hours
Binance-Peg XRP’s 24-hour trading volume is 1,546,966.
Where can Binance-Peg XRP be exchanged?
You can trade Binance-Peg XRP on Mdex BSC and PancakeSwap (v2).
Conclusion
In short, Binance Peg XRP is a derivative product created by Binance that has a 1:1 ratio to the XRP coin. XRP-Pegged allows users to experience automated trading on the Binance Chain ecosystem. However, the XRP Peg has a 1:1 ratio with XRP, which means 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 the Binance exchange, but they cannot transfer XRP Pegs to unsupported XRP crypto wallets. Therefore, trading XRP-Pegged depends entirely on the Binance exchange. Users will not be harmed if Binance still works well.
