Binance Extends Support For SOL, SHIB, XRP, ADA, Price Recovery Ahead?

The latest announcement from the leading crypto exchange, Binance, has sparked optimism as well as discussions among market enthusiasts, especially amid a sharp decline in the digital asset sector. In a recent announcement, Binance has unveiled its plan to expand its support for a flurry of major players in the digital asset space, sparking speculations over the announcement’s potential impact on the crypto price.

Binance To Enhance Support For SOL, SHIB, XRP, & ADA

Binance, a popular crypto exchange, has announced its intention to broaden its support for several major digital assets, stirring excitement within the crypto community. In a recent statement, Binance revealed its upcoming addition of new trading pairs and the introduction of Trading Bots services, aimed at enhancing users’ trading experience.

According to the announcement, starting from April 30, 2024, at 08:00 (UTC), Binance users will have access to trading pairs featuring Cardano (ADA), the leading meme coin Shiba Inu (SHIB), Solana (SOL), and Ripple’s native crypto XRP, paired with the Japanese Yen (JPY). Notably, this expansion aims to provide traders with more options and flexibility in managing their portfolios.

In addition, Binance will introduce Trading Bots services for these newly added trading pairs, allowing users to automate their trading strategies effectively. Besides, the users will benefit from zero maker and taker fees on JPY trading pairs until further notice, incentivizing participation and fostering liquidity in these markets.

Meanwhile, this move by Binance reflects the exchange’s commitment to catering to the evolving needs of its user base and staying at the forefront of innovation in the cryptocurrency industry. As the adoption of digital assets continues to grow globally, initiatives like these are expected to contribute to the expansion and maturation of the crypto market ecosystem. 

Also Read: Why Japanese Yen Strengthens Sharply Against US Dollar (USD), Shocks Crypto & Stocks

Prices To Recover In The Coming Days?

The market participants are eagerly anticipating the launch of these new trading pairs and services, anticipating potential opportunities for profit and portfolio diversification. For context, the announcement from these leading crypto exchanges like Binance generally tends to boost the crypto prices while bolstering the investors’ sentiment.

However, despite the Binance’s announcement, the crypto prices have noted a sharp decline recently amid a broader market selloff. Notably, the global crypto market was down 3.09% and traded at $2.31 trillion during writing, reflecting the ongoing volatility in the broader digital asset space.

Meanwhile, the Solana price was down 5.86% during writing and traded at $135.05 during writing, while its trading volume fell 7.64% to $1.98 billion over the last 24 hours. Simultaneously, the XRP price fell 3.97% to $0.5024 at the same time, while losing about 6% over the last seven days.

The leading meme coin, Shiba Inu price plunged 6.21% and exchanged hands at $0.0000235 despite the Binance’s announcement, while its one-day trading volume rose 12% to 425.14 million. On the other hand, the Cardano price plummeted 5% to $0.4507, while seeing a 24-hour high of $0.4753.

Also Read: XRP Whales Move 53M XRP As SEC Deadline Approaches, What’s Next?

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