Binance Immense XRP Holdings Exposed In Detailed Proof of Reserves Report
07 Outubro 2023 - 1:10PM
NEWSBTC
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. Related Reading: When Are AMMs Coming
To XRP Ledger? Ripple CTO Gives Clear Answer 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.
Cryptocurrency market cap currently at $1.07 trillion. Chart:
TradingView.com 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. Related Reading: Dogecoin Under Pressure:
Will Bearish Momentum Push Meme Coin Below $0.06? 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
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