#Binance , the world's largest crypto exchange, ranked 11th for its reserves. he has published his report, and the figures are as amazing as ever. According to the report, Binance's XRP holdings in particular have increased in the last month. This is evident as there have been reports of investors investing XRP in stock markets in the last month.
Binance Releases Proof of Reserves Showing Huge XRP Holdings
According to Binance's Proof of Reserves report, the exchange has a staggering amount of xrp that will cover 104.15% of customer balances.
When Are Amms Coming to the XRP Ledger? Ripple's CTO Gives a Clear Answer
Binance currently has 2.738 billion XRP tokens worth over $1.35 billion against customer deposits of 2.629 billion XRP tokens. This marks an increase of about 50 million xrp in its reserve compared to the previous month's total of 2,686,407,725 xrp.
Binance, one of the first major exchanges to list xrp in 2017, is known to be one of the important places for XRP trading. Coingecko's data shows a trading volume of $84 million of Binance's XRP /USDT trading pair over the past 24 hours, which represents more than 16.9% of the total XRP trading volume. This huge stash of XRP consolidates Binance as one of the top holders of xrp and the amount of XRP traded on the stock exchange.
Binance's Reserves and the Promising Outlook of Xrp
The latest reserve report shows that Binance is fully supported over other cryptocurrencies. According to the report, the exchange has a BTC rate of 104.67%, an ETH rate of 107.29%, a BNB rate of 113.72%, a USDT rate of 118.45%, a BUSD rate of 106.99%, a USDC rate of 104.09% and an LTC rate of 101.31%.
The Proof of Reserve report is part of Binance's desire for greater transparency. By disclosing its reserves, it aims to provide users with support of customer funds in a 1: 1 ratio. While some support the consistency of reserve data with on-chain data, regulators have expressed concerns about the legitimacy of Binance's reserve audit.
Since the recent occasional updates about Ripple have always put the cryptocurrency in the spotlight, XRP has witnessed the movement on other exchanges over the past few months as Dec. At one point, XRP witnessed a 1,300% increase in trading volume on exchanges.
According to the forecasts of crypto analysts, XRP is preparing for big gains in the near future. A new forecast by an analyst predicts that a recently formed 39-month cycle could push xrp up to $1,000. At the time of writing, XRP is trading at $0.5228, up 4.92% over the past month.