Binance Users Add 59,000,006 XRP as Price Doubles
Main Idea
Binance users added 59 million XRP in one month, while XRP's price doubled in July before cooling off, with on-chain data suggesting continued user interest despite price volatility.
Key Points
1. Binance users increased their net XRP balances by 59 million in July, from 2.61 billion to nearly 2.675 billion.
2. Binance holds over 2.754 billion XRP, covering liabilities with a 102.96% reserve ratio, slightly down from 103.09% in July.
3. XRP's price surged from around $2 to over $4 in the first half of July before settling near $2.90-$3.10 by month-end.
4. Third-party custody of XRP increased from 56 million to 76 million, indicating potential shifts in asset allocation.
5. On-chain data suggests users retained or added XRP despite the price volatility, contrasting with typical short-term profit-chasing behavior.
Description
World's largest crypto exchange, Binance, got 59,000,006 XRP heavier in one month
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