Binance CEO Says No To Verge (XVG) And Ripple (XRP) Fiat-Crypto Pairings

The widely circulated rumor that Binance was to add fiat pairings USD/XRP and USD/XVG have turned out to be just that: rumors. The CEO of Binance has categorically stated that the exchange does not have any short-term plans to offer USD-crypto pairings.

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The widely circulated rumor that Binance was to add fiat pairings USD/XRP and USD/XVG have turned out to be just that: rumors. The CEO of Binance has categorically stated that the exchange does not have any short-term plans to offer USD-crypto pairings.

Although the Changpeng Zhao did agree that they were in talks with banks in an attempt to get support for fiat, he emphasized that USD wasn’t part of the plans in the short –term. This follows news that the site was to offer crypto pairing for the two coins. Responding on Twitter, CZ, as he is popularly known, said that:

“While we can’t predict the future, others keep attempting it on us. Both “news” is not accurate. We are working with banks (to potentially support fiat), but no plans for USD in the short term. No xvg or xrp involved. Be careful around predictive “crystal ball” news.”

Part of the false news had predicted that XVG and XRP were to get preferential treatment. But that falsehood has now been put to bed by CZ’s clarification. For some reason or the other, the “fake news” sounded like an attempt to hype the two coins, especially XVG that was at the time in a sticky corner following its partnership with MindGeek, PornHub’s parent company.

It must be noted, however, that this comes at a time when many investors believe pairing USD/crypto is long overdue for Binance. Some Twitter users see it as something that should be considered going forward.

Volatility is a big concern for investors and support for instant conversion to fiat is seen as a great way to stem its impact on gains by investors.

Aaron, a Twitter user said:

“Thank you for clarifying @cz_binance. Although I would love it if you got USD pairs… The volume would go through the roof!!”

JoAz another cryptocurrency enthusiast said:

“CZ, it would be BIG if Binance could have USD or EUR pairs…huge Good for clients, for Binance…and for the general market. Keep doing your great work”

These sentiments are repeated over and over again, perhaps suggesting that the community might have believed the circulated news articles. What comes out clearly is that the community feels it would be great if Binance were to offer USD or EUR as trading pairs with a number of altcoins. It is sometimes a big hustle to purchase some of the altcoins, especially XRP that hasn’t been added to popular site Coinbase.

Having said that, I think the Binance CEO deserves credit for coming forth with the truth. The market is in the process of rebounding after the bears tore it apart in the last quarter. And that’s why it is important that Binance made the clarification so as to avoid unnecessary FUD.

This represents a great way to forge an understanding with the community. Maybe what the community should take out of the whole confusion is the fact that the statement confirms that talks have been ongoing regarding the possibility of having fiat to crypto pairings and withdrawal support.

Verge (XVG) and Ripple (XRP) market performance

XVG and XRP, the two coins have had contrasting 7-day trading periods. Whereas Ripple (XRP) has dropped slightly to trade at -2.02% against the USD, XVG has gained a tiny +0.66% in the last 24 hours. At the time of writing, XRP is trading at $0.877 which is a surge of +34.05% in the last 7-day period. This makes its performance better than that of both BTC and ETH over the same period.

On the other hand, Verge (XVG) is yet to regain ground after dropping almost 40% in the first two days of its recent partnership. Although trading at $0.697, the coins future outlook is predicted to be bullish as more positive news trickle in. Verge slumped from a high of $0.115 a day before the partnership was announced. It’s now -16.30% over the last 7 days.

It is expected both coins will embark on a bullish run and that their low prices are a great opportunity to invest in projects with great potential.

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