Most turntables/pickup arms provide inherently balanced outputs although - strictly speaking - they’re really floating. That is, they have a separate + and - for each channel, and a ground that is not connected to either. (That’s the purpose of the separate ground wire.) You need only to connect those outputs to the inputs of a balanced phono preamp to enjoy the benefits of a balanced phono stage. Those benefits include resistance to RFI/EMI and potentially greater gain (or better S/N), depending on the design of the phono stage. To be clear, you won’t get those benefits if you don’t also run your phono stage’s balanced outputs into a balanced line stage.
The type of connector is really secondary - there are balanced phono stages that accept only RCA connectors on the inputs. (ARC, for example.) In your case you can use either the RCA or XLR connectors on the Teac PE 505’s inputs and get the same result.