Binance Drops Monero, Triggering Price Decline Amid Privacy Concerns

Binance Drops Monero, Triggering Price Decline Amid Privacy Concerns

Monero (XMR) Value Plummets by 25% post-Binance Delisting News

Binance has announced the delisting of Monero (XMR), triggering a significant 25% drop in its value. The decision has raised concerns and led to a six-month low for Monero in the market.

Binance Ends Monero Trades and Withdrawal Support by May 20, 2024

Binance’s official statement includes the cessation of Monero trades and withdrawal support by May 20, 2024. This move affects all Monero trading pairs, including major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Tether (USDT), and Binance’s BNB coin.

Oversold Monero Market Hints at Price Hikes Despite Ongoing Selling Pressure

The oversold Monero market suggests potential price hikes amid continuous selling pressure. Binance’s decision to delist Monero is part of a broader initiative aimed at contributing to a healthy and sustainable crypto ecosystem.

Binance to Remove Monero Trading Pairs

Binance’s announcement on February 20, 2024, highlighted the delisting of Monero along with other tokens, including Aragon (ANT), Multichain (MULTI), and Vai (VAI).

  • All Monero trading pairs will be removed.
  • This includes pairs with major cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Tether (USDT), and Binance’s BNB coin.
  • Pending trade orders for these pairs will be automatically canceled after the cessation of trading activities.

Withdrawal Support and Conversion Concerns

Delisted token withdrawal support will conclude on May 20, 2024. There is a possibility of converting delisted XMR tokens into stablecoins, with Binance promising a separate notification if this conversion occurs.

XMR/USD Market Reaction

After the delisting announcement, Monero’s price dropped by nearly 25%. Despite a partial recovery, the price remains significantly lower, emphasizing the market’s responsiveness to exchange listings and regulatory actions.

The widening Bollinger bands on the 24-hour XMRUSD price chart indicate high volatility, with upper and lower bands touching $185.4384 and $126.3983, respectively.

A short-term price recovery is possible if a green candlestick forms above the lower band and the price breaks through the $150 resistance level, indicating a potential bullish trend.

With an RSI rating of 35.54, the Monero market appears oversold and poised for a price increase. However, caution is advised as the RSI is still below the 50 level, suggesting the presence of bearish momentum.

The MFI rating of 41.52, pointing south, signifies ongoing selling pressure in the Monero market, potentially limiting short-term price increases as money is being withdrawn rather than flowing in.

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