In a recent development that has caused a stir within the cryptocurrency community, Binance, the world’s largest crypto exchange, temporarily suspended withdrawals of XRP via the Ripple Ledger (XRPL) network. This move led to a wave of concern among the Ripple Army, with prominent figures voicing their unease.
XRP army panics as Binance suspends Ripple withdrawals via Ripple Ledger
The suspension of Ripple’s native token withdrawals on Binance triggered a swift reaction from the Ripple Army, a term referring to the enthusiastic supporters of Ripple. High-profile individuals within the Ripple community, including Edward Farina of RippleHealthcare and a Ripple advocate known as “Ripple Whale,” expressed concerns over the development. Farina advised investors to move their Ripple tokens off centralized platforms to avoid issues with asset withdrawals.
Binance’s official statement attributed the suspension to routine system maintenance affecting certain cryptocurrency wallets. Although this maintenance impacted withdrawal services for specific tokens, it did not restrict trading activities. Binance reassured its users that such suspensions are standard procedure, not a cause for alarm. It was also noted that Ripple could still be withdrawn using other blockchain networks like Ethereum ERC20 and the BNB Smart Chain (BEP20).
As of the latest updates, the suspension tag for Ripple withdrawals on Binance has been removed, indicating the completion of the maintenance work on the Ripple wallets.
Clarifying the Ripple confusion
Amidst the commotion, Mason Versluis, a notable figure in the Ripple community, took the opportunity to address a common misconception regarding XRP and Ripple. He emphasized that Ripple, a U.S.-based payment firm, and XRPL, the native asset of the Ripple Ledger, are separate entities. This clarification is significant, as misattributing XRP to Ripple has contributed to the U.S. regulator’s classification of Ripple as a security.
Versluis’s statement came in response to Binance’s use of ‘Ripple’ in its suspension notification, a term that should have been reserved for the Ripple Ledger network. This ongoing confusion has been a point of contention in the Ripple community, as it affects the perception and regulatory treatment of Ripple.
The temporary suspension of Ripple withdrawals on Binance, a routine part of system maintenance, led to a brief panic among the Ripple Army. The issue was quickly resolved, and Binance supported Ripple withdrawals through other networks. The incident also highlighted the need for clarity in the relationship between Ripple and XRP, an issue that remains a topic of discussion in cryptocurrency.
