Monero Recovering after Delisting News
Monero (XMR) is bouncing back after Binance announce did would be delisting the crypto coin.
Binance has yet to delist the cryptocurrency instrument Monero, but it will happen on February 20th. Once that policy goes into effect, it is likely that the XMR price will go into decline.
When news broke that the coin would be delisted, Monero’s price fell by 37%. The initial drop was quite steep, but it has started to recover since then. The recovery so far has only been a partial one.
Before Binance made its announcement, Monero has been consistently sitting above $160 (XMR/USD). Now, the price has dropped to $120.04. The price fell briefly to about $100 before recovery started.
For the last week, Monero has recovered a loss of 27.86%. It’s volume has dropped 16% in the last 24 hours, but it looks like it may be stabilizing.
Where Can Monero Go from Here?
Obviously, Binance is not the only platform Monero can be purchased from, but it is the largest cryptocurrency and altcoin trading platform. Leaving that marketplace will be a major blow to the coin and its value, most likely. The market has already responded with their sentiments on the matter by selling off XMR coins.
Binance will still allow XMR withdrawals until May 20th, but not one will be able to purchase the can once it has been delisted. XMR prices could be affected by selloffs long after the delisting takes place, then, which means we will not be seeing the last of the impact by that February date.
Monero is rapidly becoming an in-demand privacy coin, which means that the buyer cannot be tracked or identified. Binance has taken issue with that type of coin and will periodically reassess coins on its platform to see if they still meet its criteria for trade. Monero no longer does, and it will be delisted over privacy concerns.
Monero will likely remain in demand, despite the drop in value. By existing as a high profile privacy token, it offers something that many high profile crypto coins do not.
The delisting might not be permanent. If Monero changes classification or if Binance reneges on its decision, XMR could come back onto the platform. Periodic reviews will allow Monero to get another chance, but odds are low that this will happen before the delisting and will affect the coins delisted status very soon.
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