Binance’s 11th Proof of Reserves Report Shows Massive XRP Holdings
Binance, the world’s largest cryptocurrency exchange, has just released its 11th report on its reserves, revealing staggering numbers once again. The report highlights a significant increase in Binance’s XRP holdings over the past month. This is evident from reports of investors depositing XRP into exchanges during this period.
Staggering XRP Reserves Covering Customer Balances
According to Binance’s Proof of Reserves report, the exchange holds an astonishing amount of XRP, covering 104.15% of customer balances. Currently, Binance has over 2.738 billion XRP tokens worth more than $1.35 billion, which surpasses customer deposits of 2.629 billion XRP tokens. This indicates a rise of nearly 50 million XRP in reserves compared to the previous month.
Binance: A Major Hub for XRP Trading
Binance has been one of the primary platforms for XRP trading since it became one of the first major exchanges to list the cryptocurrency in 2017. Coingecko data reveals that Binance’s XRP/USDT trading pair accounts for a trading volume of $84 million in the past 24 hours, representing over 16.9% of the total XRP trading volume. With this substantial XRP stash, Binance solidifies its position as one of the top holders of XRP and a leading exchange for XRP trading.
XRP Witnesses Surge in Trading Volume
According to NewsBTC, there has been a remarkable 1,300% surge in XRP trading volume on exchanges at some point recently. This surge further highlights the growing interest and activity surrounding XRP.
Predictions Indicate Potential Massive Gains for XRP
Crypto analysts predict that XRP is poised for significant gains in the near future. One analyst’s forecast suggests that a newly formed 39-month cycle could push XRP’s price as high as $1,000. Currently, XRP is trading at $0.5228, reflecting a 4.92% increase in the past month.
Hot Take: Binance’s Dominance in XRP
Binance’s latest report reveals its immense reserves of XRP, reinforcing its status as a major player in the XRP market. With its substantial holdings and high trading volume, Binance continues to play a pivotal role in shaping the trajectory of XRP and attracting attention from crypto enthusiasts and investors.
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