Binance, the world’s largest cryptocurrency exchange, has released its 11th report on its reserves, revealing its impressive holdings of XRP. According to the report, Binance holds a staggering amount of XRP to cover 104.15% of customer balances. Currently, the exchange 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 significant increase of almost 50 million XRP in its reserves compared to the previous month. With its massive stash of XRP, Binance solidifies its position as one of the top holders of the cryptocurrency and as a major destination for XRP trading.
Binance’s reserve report also indicates that the exchange is fully backed on other cryptocurrencies. It shows 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 efforts to increase transparency and assure users that their funds are backed 1:1. While some have supported the accuracy of the reserve data, regulators have expressed concerns about the legitimacy of Binance’s reserve audit. In recent months, XRP has gained attention due to updates regarding Ripple, and it has seen movement into other exchanges. According to crypto analysts, XRP is predicted to experience significant gains in the near future, with some forecasting that it could reach as high as $1,000. Currently, XRP is trading at $0.5228, exhibiting a 4.92% increase in the past month.
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