Binance’s Enormous XRP Holdings Revealed in Proof of Reserves Report
In the world of cryptocurrency, transparency is paramount. Binance, the world’s largest crypto exchange, continues its commitment to transparency by releasing its 11th Proof of Reserves report. The findings are nothing short of staggering, particularly when it comes to Binance’s XRP holdings, which have shown significant growth in the past month.
Binance’s Proof of Reserves Report Unveils Vast XRP Holdings
According to Binance’s Proof of Reserves report, the exchange holds an astonishing amount of XRP, covering an impressive 104.15% of customer balances.
As of the latest report, Binance possesses over 2.738 billion XRP tokens, with a total value exceeding $1.35 billion. These holdings are in place to back customer deposits, which amount to 2.629 billion XRP tokens. This represents a substantial increase of nearly 50 million XRP compared to the previous month’s total of 2,686,407,725 XRP.
Binance: A Powerhouse in XRP Trading
Since becoming one of the first major exchanges to list XRP back in 2017, Binance has consistently been a key player in XRP trading. In fact, data from Coingecko reveals that Binance’s XRP/USDT trading pair recorded a trading volume of $84 million in the past 24 hours alone, constituting over 16.9% of the total XRP trading volume. Binance’s significant XRP holdings firmly establish it as one of the top XRP holders and a dominant force in XRP trading.
Binance’s Diverse Reserves and XRP’s Bright Future
Binance’s latest reserve report also underscores its robust backing in various other cryptocurrencies. According to the report, Binance maintains 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 release of the Proof of Reserves report is a pivotal part of Binance’s ongoing efforts to enhance transparency within the crypto industry. By disclosing its reserves, Binance aims to provide users with confidence that their funds are fully secured at a 1:1 ratio. While some industry experts believe the reserve data aligns with on-chain data, regulatory concerns regarding the legitimacy of Binance’s reserve audit have also surfaced.
Recent months have seen XRP make significant moves across various exchanges, with sporadic updates concerning Ripple frequently thrusting the cryptocurrency into the spotlight. Reports even suggest that XRP witnessed a remarkable 1,300% surge in trading volume on exchanges at a certain point.
XRP’s Promising Trajectory
Crypto analysts have also weighed in on XRP’s potential, with some predicting substantial gains in the near future. One analyst has even forecasted a 39-month cycle that could propel XRP to reach as high as $1,000. As of the time of writing, XRP is trading at $0.5228, reflecting a 4.92% increase in value over the past month.
(Please note that the content provided here is for informational purposes only and should not be considered as investment advice. All investments carry risks, and your capital is always at risk when investing.)
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