7 October 2023
Binance, the largest crypto exchange in the world, just released its 11th report for its reserves, and the numbers are staggering as always. According to the report, Binance’s XRP holdings, in particular, have increased in the past month. This is evident, as there have been reports of investors depositing XRP into exchanges in the past month.
Binance Releases Proof Of Reserves Showing Massive XRP Holdings
According to Binance’s Proof of Reserves report, the exchange holds a staggering amount of XRP to cover 104.15% of customer balances.
Binance currently has over 2.738 billion XRP tokens worth more than $1.35 billion against customer deposits of 2.629 billion XRP tokens. This marks a rise of almost 50 million XRP in its reserve as compared to the previous month’s total of 2,686,407,725 XRP.
As one of the first major exchanges to list XRP in 2017, Binance has been known to be one of the major places for XRP trading. Data from Coingecko shows a trading volume of $84 million of Binance’s XRP/USDT trading pair in the past 24 hours, representing over 16.9% of the total XRP trading volume. This massive XRP stash cements Binance as one of the top holders of XRP and the amount of XRP trading on the exchange.
Binance’s Reserves And XRP’s Promising Outlook
The latest reserve report shows Binance is fully backed on other cryptocurrencies. Based on the report, the exchange has 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%.
The Proof of Reserves report is part of Binance’s push for more transparency. By disclosing its reserves, it aims to assure users that client funds are backed 1:1. While some have backed the reserve data to be consistent with on-chain data, regulators have expressed concerns about the legitimacy of Binance’s reserve audit.
XRP has also witnessed movement into other exchanges in the past few months, as recent sporadic updates regarding Ripple have always put the cryptocurrency in the limelight. According to NewsBTC, XRP witnessed a 1,300% surge in trading volume on exchanges at some point.
According to predictions from crypto analysts, XRP is set for massive gains in the near future. A new forecast by an analyst predicts that a recently formed 39-month cycle could push XRP as high as $1,000. At the time of writing, XRP is trading at $0.5228, up by 4.92% in the past month.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Pandaily