Binance, the largest crypto exchange in the world, just released its eleventh reserve report, and the numbers are as always staggering. According to the report, Binance’s XRP holdings in particular have increased over the past month. This is evident as there have been reports of investors depositing XRP on exchanges over the past month.
Binance releases evidence of reserves showing massive XRP holdings
According to Binance Proof of reserves report, the exchange holds a staggering amount of XRP to cover 104.15% of customer balances.
Binance currently holds over 2.738 billion XRP tokens worth over $1.35 billion against customer deposits of 2.629 billion XRP tokens. This represents an increase of almost 50 million XRP in reserve compared to the previous month’s total of 2,686,407,725 XRP.
As one of the first major fairs on the list XRP in 2017, Binance was known as one of the top places for XRP trading. Facts from Coingecko shows a trading volume of $84 million from Binance’s XRP/USDT trading pair in the last 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 prospects
The latest reserve report shows that Binance is fully supported by 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 commitment to greater transparency. By making its reserves public, it wants to assure users that customer funds are backed on a 1:1 basis. While some have supported the backup data consistent with data about the chainregulators have expressed their concerns about the legitimacy of Binance’s reserve audit.
XRP has also witnessed moves to other exchanges in recent months as recent sporadic updates related to Ripple have always put the cryptocurrency in the spotlight. According to NewsBTCXRP at one point witnessed a 1,300% increase in trading volume on exchanges.
According to predictions by crypto analysts XRP is poised for huge gains in the near future. A new analyst forecast predicts that a recently formed 39-month cycle could deliver this push XRP as high as $1,000. At the time of writing, XRP is trading at $0.5228, up 4.92% in the past month.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from Pandaily
