🔥🔥🔥 #Binance's $XRP Holdings Spike: Is Bull Run Back?
Binance, the world's largest cryptocurrency exchange, has published its latest proof-of-reserves report, showcasing the ratio between customers' net balances and the exchange's holdings. A key highlight from the report is the sharp increase in XRP reserves on the platform.
Over the past month, Binance customers’ total net balance in XRP surged by 6%, or approximately 165.39 million XRP, reaching a cumulative total of 2.92 billion XRP. To match this rise, Binance increased its own reserves, adding over 330 million XRP (around $175 million at current prices) to its balance. The XRP coverage ratio on Binance now stands at 100.66%. XRP has become the seventh-largest asset in terms of net balances on the exchange.
In simple terms, this growth indicates that Binance users have been purchasing more XRP, reflecting a bullish sentiment among traders and investors.
This trend contrasts with the stablecoin reserves on Binance, which have seen a decline. In September, USDT (the most popular stablecoin) dropped from $22.11 million to $21.41 million, while FDUSD and #USDC decreased by 2.15% and 1.32%, respectively.
In recent months, #stablecoin inflows surged as crypto participants, particularly Binance users, favored stablecoins as a safe harbor. However, the shift towards XRP suggests changing dynamics in the market. Whether this marks a long-term trend remains uncertain.
Source - u.today
