Binance DeFi Staking announced that it will support Ripple and 3 altcoin projects. ETC, ETH, LDO and OP will now be on the list.
Binance DeFi Staking supports Ripple and Litecoin
According to a recent announcement, Binance DeFi Staking has added support for XRP and Litecoin. Users will now be able to stake their LTC and XRP starting August 3. Meanwhile, the rewards will yield up to 1.40%. The announcement came today from Binance’s official Twitter account.
Blockchains like Litecoin use a computational mechanism where miners verify transactions instead of the PoS mechanism. Miners receive rewards as native cryptocurrencies of Blochain. Similarly, unlike other Blockchain using PoW or PoS, XRP Ledger (XRPL) uses a consensus mechanism where selected servers known as validators agree on the sequence and outcome of XRP transactions. Therefore, holders cannot stake their coins individually or through a network exchange in exchange for rewards. Binance’s website has a FAQ section that explains the DeFi staking procedure for non-staking coins.
Latest Ripple news
cryptocoin.comAs you follow, Mercuryo, a global payment network, recently added XRP support. In an announcement, it was stated that XRP was integrated into the Mercuryo payment network and cross-border transactions were opened. It is also finding use in the RippleNet payroll application. Ripple’s remittance technology, RippleNet, is recording increased use cases, as seen in Level, a payroll application suite powered by Ripple partner Modulr.
On the other hand, leading payment platform Modulr has announced a partnership with Ripple to make international real-time payments powered by Ripple’s financial technology RippleNet.
Will XRP price exceed $0.50 this week?
In the last part, let’s take a look at the latest state of the XRP chart. XRP is currently trading around $0.37. It found immediate support over the Bollinger bands on the daily chart. Based on the RSI analysis in particular, a daily close above a confluence formed by the upper boundary of XRP, 100-day SMA and Bollinger bands seems likely. Analyst John Isige says $0.33 is strong support as he expects breakouts in either direction.
Conversely, a Bitstamp report says the exchange will delist 14 trading pairs, including XRP/PAX, on August 11. The reason behind this delisting work is currently unclear. However, the move negatively impacts XRP price performance, especially to the bear market.
cryptocoin.comAs you follow, Ripple CEO Brad Garlinghouse made ambitious statements regarding the SEC case.
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