Binance.US unexpectedly started promoting XRP
Binance.US publishes a few facts about XRP days after Ripple's famous victory over the US SEC.
The U.S. division of leading crypto exchange Binance.US stirred up the XRP community on Wednesday night by releasing a brief overview of the cryptocurrency, thereby reinforcing bullish sentiment towards the native token XRPL:
-- XRP is the native token of XRP ledger, founded in 2012 by David Schwartz, Jed McCaleb and Arthur Britto.
-- XRP uses a consensus mechanism called the XRP Ledger Consensus Protocol to verify transactions.
-- XRP scales to 1,500 transactions per second, but can reach tens of thousands of transactions per second as well.
Binance has always been friendly to XRP, but it is interesting that it is now emphasizing the coin. Also, Ripple's Q2 report indicates that Binance holds a significant portion of XRP trading volume, previously up to 60%, now around 40%.
Binance.US promotes XRP after regulatory clarity
Binance.US's XRP information comes eight days after Ripple's famous victory over the Securities and Exchange Commission (SEC). The court ordered the firm to pay $125 million to settle its long-standing debt to Wall Street's top regulator.
XRP gained bullish momentum after the ruling. The stock has rallied more than 30% since the court ruling on Aug. 7, reaching levels last seen in April. However, the rally hit a major roadblock and has now lost much of its value.
The amount of XRP on exchanges is falling
Moreover, Santiment data shows a reduction in the supply of XRP on exchanges as investors appear to be stockpiling the asset for a potential rally - the increased withdrawals further indicate growing optimism among XRP holders.
Retail accumulation has also seen an increase, as holders of 10,000 XRP and below have increased significantly. However, whales have been selling off recently after reducing accounts holding from 1 million to 100 million XRP.
At the time of publishing this article, XRP was trading at $0.5665 , down 2% in the last 24 hours.