NOIDA (CoinChapter.com) — Monero (XMR) prices plunged to their lowest levels since June 2022 after Binance announced it was delisting the blockchain’s native token, XMR.
Binance’s decision to delist the XMR token came in response to the exchange’s ongoing efforts to uphold compliance standards and ensure the safety and integrity of its platform. Moreover, Binance would also delist Aragon (ANT), Multichain (MULTI), and Vai (VAI) from the platform by Feb. 20.
The exchange would remove XMR/BTC, XMR/ETH, XMR/USDT, and XMR/BNB trading pairs from its platform. However, Binance stated that it might convert the delisted XMR tokens into stablecoins on users’ behalf, but only in some cases.
The conversion of delisted tokens into stablecoins is not guaranteed. A separate notification will be made before the conversion where applicable, and the stablecoins will be credited to users’ Binance accounts after the conversion.
Binance said in its notification.
Won’t Compromise On Privacy Because Of XMR Delisting
Meanwhile, Monero shared a post on X responding to the XMR delisting news, claiming that the privacy-centric blockchain platform will “never compromise on privacy.“
Monero uses privacy-enhancing techniques to obfuscate transactions and maintain anonymity. However, following Binance’s latest tryst with the US regulatory bodies, the exchange is in the mood to become the pinnacle of transparency.
In a reply to its original post, the Monero team explained that the delisting resulted from Binance demanding that “deposits come from a publicly transparent address.”
Additionally, the privacy crypto highlighted that Monero might allow ‘selective’ disclosures in special cases but never a “transparent address.”
Other crypto firms supported XMR, with crypto exchange Kraken noting “privacy is not a crime” in an X post. Crypto traders also shared support for Monero.
However, delisting from a major exchange like Binance could be bearish for the XMR token for the foreseeable future. The Monero token might need some time to recover from the delisting FUD.
In addition, Binance’s growing legal clarity could make it an investor favorite, resulting in fewer buyers for the Monero token. Yet, a wider crypto market rally could help XMR recover. Moreover, the ‘victim‘ narrative in the delisting saga could work in Monero’s favor, helping hasten its recovery.
XMR Price Drops, But Bulls Fight Back
The Monero token dropped over 39% to reach a daily low near $101 on Feb. 6, a price level XMR last saw in mid-June 2022. However, the token staged an impressive recovery later in the day, most likely due to sympathy buyers entering the market to slay the Binance ‘Goliath.’
However, Monero’s price has a long way to go before recovering losses from the Binance delisting XMR news. Bulls would look to conquer the resistance near $114 and consolidate before targeting the resistance near $122.
On the other hand, if the Binance delisting FUD spreads, the XMR price could drop to the support near $99. Moreover, breaching the immediate support might see the Monero token price dropping to the support near $89 before recovering.
The RSI for XMR remained oversold, with a score of 22.58 on the daily charts.
