Binance has reported a significant increase in XRP balances, with users adding over 59 million XRP in just one month, reflecting strong market demand.
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Binance’s reserves now exceed 2.754 billion XRP, ensuring a 102.96% reserve ratio.
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Third-party custody of XRP rose from 56 million to 76 million, indicating improved storage practices.
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XRP’s price doubled in July, highlighting significant market activity despite a subsequent cooling off.
Binance sees a surge in XRP balances, with over 59 million added in a month. Explore the implications of this trend in the crypto market.
What is the Current Status of XRP Balances on Binance?
Binance has recently revealed that users increased their XRP holdings by over 59 million, bringing total balances to nearly 2.675 billion XRP by August 1. This surge indicates a strong demand for XRP, as Binance’s reserves also rose to 2.754 billion XRP, maintaining a reserve ratio of 102.96%.
How Did XRP’s Price Perform in July?
XRP’s price experienced a dramatic increase in the first half of July, doubling from around $2 to over $4. However, it later stabilized between $2.90 and $3.10 by the end of the month. This volatility often attracts short-term traders, yet the on-chain data suggests many users opted to hold or even increase their positions.
Frequently Asked Questions
Why did XRP’s price double in July?
XRP’s price doubled due to heightened market interest and trading activity, driven by speculation and potential developments in the crypto space.
How does Binance’s reserve ratio impact users?
A higher reserve ratio, like Binance’s current 102.96%, indicates that the exchange holds more assets than it owes to users, enhancing trust and security.
Key Takeaways
- Strong Demand: Binance users added over 59 million XRP in one month.
- Price Volatility: XRP’s price doubled in July, showcasing market dynamics.
- Trust in Reserves: Binance maintains a healthy reserve ratio, ensuring user confidence.
Conclusion
In summary, Binance’s recent XRP balance increase highlights a robust demand for the asset, while the price volatility in July reflects active market engagement. This trend may indicate a shift towards long-term holding strategies among investors, suggesting a potentially stable future for XRP.
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Fresh proof-of-reserves data from Binance just landed, and it shows that users added over 59 million XRP to their net balances in just one month — going from 2.61 billion on July 1 to nearly 2.675 billion by Aug. 1.
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Binance, for its part, matched the demand with an increase in reserves, now holding over 2.754 billion XRP — enough to cover liabilities with a 102.96% reserve ratio. That is slightly down from 103.09% in July, suggesting user balances grew faster than the platform’s own XRP stash.
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It is interesting to see that third-party custody went up from 56 million XRP to 76 million, which suggests they might be using more organized storage or optimizing their custody practices.
Source: TradingView
All in all, Binance also saw an increase in customer balances for BTC, FDUSD, and USDC, but XRP’s uptick is worth mentioning because it was so quiet.
XRP price doubles in summer
But here’s the twist: XRP’s price actually doubled in the first half of July, surging from around $2 to over $4 by mid-month. Then it cooled off just as fast, closing out July near $2.90-$3.10, based on Bitstamp’s feed. That kind of move usually brings short-term profit-chasing.
But the on-chain numbers suggest many stuck around — even added.
In a market where hype usually beats out long-term loyalty, this kind of quiet consistency might be the more important sign — especially when it is in the raw numbers, on-chain, timestamped and signed off by zk-SNARKs.
