Binance, the world’s largest cryptocurrency exchange, has just unveiled its 11th reserves report, and the numbers are nothing short of impressive, as always. According to the report, Binance’s holdings of XRP, in particular, have experienced significant growth over the past month. This increase is evident from the reports of XRP deposits made by investors into the exchange during this period.
Binance Reveals Astounding XRP Holdings in Latest Reserves Report
Binance’s Proof of Reserves report showcases a substantial XRP reserve that covers an impressive 104.15% of customer balances.
As of now, Binance holds a whopping 2.738 billion XRP tokens, valued at over $1.35 billion, to secure customer deposits of 2.629 billion XRP tokens. This reflects an increase of nearly 50 million XRP in its reserves compared to the previous month’s total of 2,686,407,725 XRP.
Having been one of the pioneering major exchanges to list XRP back in 2017, Binance has consistently been a significant hub for XRP trading. Data from Coingecko indicates a trading volume of $84 million for Binance’s XRP/USDT trading pair in the last 24 hours, accounting for more than 16.9% of the total XRP trading volume. This substantial stash of XRP solidifies Binance’s position as one of the foremost XRP holders and the leading exchange for XRP trading.
Binance’s Reserves and XRP’s Bright Prospects
The latest reserves report reveals that Binance is fully supported by various other cryptocurrencies. According to the report, the exchange maintains a BTC ratio of 104.67%, an ETH ratio of 107.29%, a BNB ratio of 113.72%, a USDT ratio of 118.45%, a BUSD ratio of 106.99%, a USDC ratio of 104.09%, and an LTC ratio of 101.31%.
Binance’s commitment to transparency is underscored by the Proof of Reserves report. By disclosing its reserves, Binance aims to provide users with assurance that client funds are backed on a one-to-one basis. While some have endorsed the accuracy of the reserve data in line with on-chain information, regulators have expressed concerns about the legitimacy of Binance’s reserve audit.
XRP has also been witnessing increased activity on various other exchanges in recent months, driven by sporadic updates related to Ripple that have consistently placed the cryptocurrency in the spotlight. According to NewsBTC, XRP experienced a staggering 1,300% surge in trading volume on exchanges at one point.
According to forecasts by cryptocurrency analysts, XRP is poised for substantial gains in the near future. One analyst’s prediction suggests that a recently observed 39-month cycle could drive XRP’s value as high as $1,000. As of the time of writing, XRP is trading at $0.5228, reflecting a 4.92% increase over the past month.
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