- Binance sees 59 million XRP added to user balances this month.
- XRP reserves grow as demand increases, boosting Binance’s confidence.
- Despite price fluctuations, XRP holders show long-term commitment to assets.
According to the latest proof-of-reserves data from Binance, XRP user balances have surged dramatically in just one month. From July 1 to August 1, the exchange’s users added a staggering 59 million XRP, pushing their total holdings from 2.61 billion to nearly 2.675 billion XRP.
In response to this significant uptick in demand, Binance has increased its own XRP reserves. The platform now holds more than 2.75 billion XRP, providing a reserve ratio of 102.96%, slightly down from July’s 103.09%.
This slight decrease in the reserve ratio reflects the rapid growth in user balances, with demand outpacing the platform’s own XRP stash.
Also Read: Ripple Halts XRP Escrow Release in August — Is the 7-Year Pattern Over?
Binance Optimizes Custody Practices Amid Rising Demand
Third-party custody holdings also saw a noteworthy increase, jumping from 56 million to 76 million XRP. This may suggest that Binance is optimizing its storage practices, possibly by shifting toward more organized custody solutions for better security and efficiency.
The price of XRP also included a rollercoaster ride for the same duration. It shot up in the first half of July, doubling to more than $4. But this enthusiasm was not to last very long, and the price soon settled between $2.90 and $3.10 at the end of the month.
According to the on-chain data, the price volatility has not deterred many Binance users, who have instead held on to their XRP tokens or even added to them. This indicates that more people are adopting a more strategic and long-term approach to investing, even in a market that is mostly speculative in nature.
Although the price has fluctuated, the on-chain evidence indicates that a vast number of users have continued to hold or even add to their XRP holdings. This provides evidence that the market has shifted towards more strategic, long-term investment behavior in what is traditionally a market dominated by short-term speculation.
This surge in user balances, coupled with the stable reserve ratio, highlights growing confidence in XRP.
The consistent rise in user holdings and Binance’s reserves suggests that the recent price movements have not deterred investors, and XRP continues to show strong potential in the market.
Also Read: Ethereum Set for Supply Shock as Corporations Target $30B in ETH Reserves
