Binance, the world's largest cryptocurrency exchange, holds 2.62 billion XRP in user assets, according to its latest proof-of-reserves report. This makes Binance the largest holder of XRP assets among exchanges.
The report, which was published on October 6, 2023, also shows that Binance has a collateral ratio of 104.15% for XRP, meaning that it holds an extra 4.15% reserve for its XRP deposits. This indicates that Binance is well-capitalized and is able to meet its users' withdrawal needs.
Binance's large holdings of XRP and its high collateral ratio are positive signs for the XRP ecosystem. They show that there is strong demand for XRP from institutional investors and that Binance is committed to supporting the XRP community.
XRP Price Action
The price of XRP surged by up to 8% on October 3, 2023, before sliding back to where it now trades. XRP has declined 0.44% in the previous 24 hours to $0.521 at the time of writing.
Bulls are currently thwarting bears' attempts to reenter the triangle in which XRP traded before its October 3 breakout. If they succeed, the bulls will try to break through the overhead resistance at $0.56, which might signify the start of a fresh rally.
XRP might then begin its climb toward the coveted 0.66 level. If the price falls below $0.511, which coincides with the MA 50, this could lead to more range-bound action in the coming days.
Conclusion
Binance's large holdings of XRP and its high collateral ratio are positive signs for the XRP ecosystem. They show that there is strong demand for XRP from institutional investors and that Binance is committed to supporting the XRP community.
The price of XRP is currently in a consolidation phase, but it could break out to the upside if bulls are successful in breaking through the overhead resistance at $0.56.
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