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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Binance Immense XRP Holdings Exposed In Detailed Proof of Reserves Report

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Binance

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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.

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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.

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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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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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