An astounding quantity of XRP is held by the exchange to cover 104.15% of user balances, according to Binance’s Proof of Reserves report.
In relation to client deposits of 2.629 billion XRP tokens, Binance presently possesses approximately 2.738 billion XRP tokens valued at more over $1.35 billion. Compared to the sum of 2,686,407,725 XRP in its reserve the previous month, this represents an increase of about 50 million XRP.
Binance has established itself as a prominent hub for XRP trading, having been among the first major exchanges to launch the cryptocurrency in 2017.
Massive XRP Holdings on Binance Disclosed in POR Report,Massive XRP Holdings on Binance Disclosed in POR Report
Coingecko data indicates that over 16.9% of all XRP trading volume was transacted in the last 24 hours, with $84 million worth of trading activity occurring in Binance’s XRP/USDT trading pair. With this enormous XRP hoard, Binance solidifies its position as one of the largest XRP holders and the volume of XRP traded on the platform.
Binance’s Stockpiles And XRP’s Bright Future
According to the most recent reserve report, Binance has complete support from other cryptocurrencies. The exchange has the following ratios: 104.67% for BTC, 107.29% for ETH, 113.72% for BNB, 118.45% for USDT, 106.99% for BUSD, 104.09% for USDC, and 101.31% for LTC, according to the report.
A component of Binance’s campaign for increased openness is the Proof of Reserves report. It seeks to reassure customers that client money are backed 1:1 by revealing its reserves.
Regulators have raised doubts over the validity of Binance’s reserve audit, despite the fact that others have affirmed that the reserve data is compatible with on-chain data.
In the last few months, XRP has also moved into other exchanges since recent, irregular announcements about Ripple have consistently brought the cryptocurrency to attention. NewsBTC reports that at one time, the trading volume of XRP increased by 1,300% on exchanges.
Crypto specialists think that XRP will see significant growth in the near future. According to a fresh expert prediction, XRP may reach $1,000 in a newly established 39-month cycle. As of this writing, XRP is up 4.92% over the previous month at $0.5228.
Massive XRP Holdings on Binance Disclosed in POR Report,Massive XRP Holdings on Binance Disclosed in POR Report,Massive XRP Holdings on Binance Disclosed in POR Report