Binance’s Extensive XRP Holdings
Binance, the world’s largest cryptocurrency exchange, has recently published its 11th reserves report, showcasing remarkable numbers. Particularly, the report highlights the substantial growth in Binance’s XRP holdings over the past month, coinciding with increased XRP deposits by investors.
Proof of Reserves Details
According to Binance’s Proof of Reserves report, the exchange currently possesses a staggering amount of XRP, covering 104.15% of customer balances. Binance’s holdings comprise over 2.738 billion XRP tokens, valued at more than $1.35 billion. This marks a significant increase of almost 50 million XRP compared to the previous month’s total of 2,686,407,725 XRP.
Binance’s Role in XRP Trading
Binance, being one of the first major exchanges to list XRP in 2017, remains a crucial hub for XRP trading. Data from Coingecko reveals a trading volume of $84 million for Binance’s XRP/USDT pair in the last 24 hours, constituting over 16.9% of the total XRP trading volume. This substantial XRP reserve solidifies Binance’s position as one of the leading XRP holders and trading platforms.
Reserves Breakdown and Positive Outlook
The latest reserve report not only emphasizes Binance’s robust XRP holdings but also demonstrates the exchange’s strong backing in other cryptocurrencies. The report indicates ratios such as a BTC ratio of 104.67%, ETH ratio of 107.29%, BNB ratio of 113.72%, USDT ratio of 118.45%, BUSD ratio of 106.99%, USDC ratio of 104.09%, and LTC ratio of 101.31%.
Transparency Initiatives and Market Predictions
Binance’s disclosure of its reserves is part of its commitment to transparency, aiming to assure users that their funds are fully backed. While some stakeholders support the consistency of the reserve data with on-chain information, regulatory concerns about Binance’s reserve audit persist.
Additionally, recent developments around Ripple have propelled XRP into the spotlight, leading to increased trading volumes. Predictions from cryptocurrency analysts indicate a promising future for XRP. One forecast suggests a potential surge, possibly reaching $1,000, driven by a 39-month cycle. At the time of writing, XRP is trading at $0.5228, reflecting a 4.92% increase over the past month.
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