Leading cryptocurrency exchange Binance has recorded a substantial increase in user-held XRP balances over a recent one-month period, with holders depositing more than 59 million XRP. This influx propelled Binance’s total XRP reserves above 2.754 billion tokens.
The significant accumulation coincided with notable price volatility for XRP. Markets witnessed the digital asset’s price double during the first half of the period, surging rapidly from approximately $2 to surpass $4. Prices later moderated, stabilizing within the $2.90 to $3.10 range by the period’s conclusion.
Concurrently, the amount of XRP held by Binance in third-party custody solutions rose from 56 million to 76 million XRP, indicating a trend towards enhanced storage practices among users. While Binance also saw increases in customer balances for Bitcoin (BTC), First Digital USD (FDUSD), and USD Coin (USDC), the uptick in XRP holdings stood out as particularly robust.
Maintaining a reserve ratio of 102.96% for XRP, Binance holds slightly more assets than needed to cover user liabilities. The surge in user deposits and the asset’s significant price activity point towards strong ongoing market engagement and could signal potential moves towards greater price stability for XRP.