XRP News Today: Binance Users Add 59 Million XRP in One Month as Holdings Rise to 2.675 Billion

Binance users have added over 59 million XRP to their balances in a single month, increasing total holdings from 2.61 billion on July 1 to nearly 2.675 billion by August 1[1]. This surge in demand has been met by Binance increasing its own XRP reserves to 2.754 billion, maintaining a reserve ratio of 102.96%, slightly down from 103.09% in July[1]. The reserve ratio, a key indicator of financial health for exchanges, suggests that Binance holds more XRP than it owes to users, reinforcing trust in the platform[1].

Third-party custody of XRP also saw a notable rise, increasing from 56 million to 76 million, indicating a potential shift towards more secure or organized storage practices[1]. This could reflect growing awareness among investors and institutions regarding asset management.

Meanwhile, XRP’s price performance in July demonstrated significant volatility. The token nearly doubled in value during the first half of the month, rising from around $2 to over $4[1]. However, by the end of the month, the price had stabilized between $2.90 and $3.10, according to Bitstamp’s feed[1]. Despite this price correction, on-chain data suggests that many investors opted to hold or even increase their positions, indicating a shift from speculative trading to a more patient, long-term approach[1].

The growth in XRP balances on Binance comes amid broader market interest in the asset, with user activity reflecting both price movement and confidence in the platform’s reserve practices. While BTC, FDUSD, and USDC also saw balance increases, the scale and quiet nature of XRP’s growth make it particularly noteworthy[1].

The combination of rising on-chain balances, improved custody practices, and price volatility suggests that XRP remains an active component of the cryptocurrency ecosystem. As more users add to their holdings and exchanges adjust their reserve strategies, XRP’s role in the market appears to be evolving, potentially signaling a more stable and enduring presence in the crypto landscape[1].

Source: [1] XRP Sees Significant User Balance Growth Amid Binance Reserve Adjustments and Price Fluctuations (https://en.coinotag.com/xrp-sees-significant-user-balance-growth-amid-binance-reserve-adjustments-and-price-fluctuations/)