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2.62 Billion XRP Held by Binance in User Assets: Details

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Fri, 6/10/2023 - 13:16
2.62 Billion XRP Held by Binance in User Assets: Details
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Binance, the leading cryptocurrency exchange, has published its eleventh proof of reserve, which reflects a snapshot of balances taken on Oct. 1.

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The proof-of-reserves report, which verifies that Binance holds user assets 1:1, indicated that the crypto exchange held 2.6 billion XRP in user assets. The amount of 2,629,459,187.625 (2.62 billion) XRP accounted for customer net balances on Binance.

Binance net balances for XRP are higher at 2,738,661,519.884 (2.73) billion. XRP has a collateral of 104.15%, implying that the exchange holds an extra 4.15% reserve for its XRP deposits.

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Meanwhile, users' BTC assets were 588,879, an increase of 0.12% from a month ago; users' ETH assets were 3.83 million, a decrease of 1.6%; and users' USDT assets were 15.31 billion, a decrease of 0.8%, as reported by Wu blockchain.

Binance is the largest XRP market, with the XRP/USDT trading pair accounting for the majority of XRP trade volumes in the past 24 hours. In the last 24 hours, 1.463 billion XRP worth $762,436,233 were exchanged, according to CoinMarketCap data.

Bithumb, one of South Korea's largest crypto exchanges, and Coinbase also drive the largest chunk of XRP trading, sitting in second and third places, respectively.

XRP price action

The price of XRP surged by up to 8% to $0.548 on Oct. 3 before sliding back to where it now trades. XRP had declined 0.44% in the previous 24 hours to $0.521 at the time of writing.

Bulls are currently thwarting bears' attempts to reenter the triangle in which XRP traded before its Oct. 3 breakout.

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If they succeed, the bulls will try to break through the overhead resistance at $0.56, which might signify the start of a fresh rally.

XRP might then begin its climb toward the coveted 0.66 level. If the price falls below $0.511, which coincides with the MA 50, this could lead to more range-bound action in the coming days.

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