Binance’s recent proof-of-reserves report shows a drop in XRP holdings. Users hold 174.89 million fewer coins, bringing total reserves down to 2.75 billion.
Binance Sees Decline in Crypto Holdings, Rise in Stablecoins
Binance’s Sept. 1 report highlights falling reserves of major cryptocurrencies. Bitcoin reserves dropped by 1.27%, bringing the total to 605,000 BTC. Ethereum holdings fell by 4.58%, with users holding 215,000 fewer ETH. However, stablecoins like USDT moved in the opposite direction. User reserves for USDT increased by 4.34%, adding 919 million USDT to Binance’s reserves.
Altcoins like Shiba Inu (SHIB) and Dogecoin (DOGE) also saw a drop in Binance holdings. SHIB dropped by 2.3%, with reserves falling from 61.21 trillion in August to 59.81 trillion in September. DOGE holdings slipped from 13.71 billion to 13.12 billion in the same period.
Stablecoins and BNB Growth
As XRP and other cryptocurrencies see decreased reserves, Binance users are increasingly favoring stablecoins. The report highlighted that USDT holdings rose by 4.34%, reaching 22.22 billion USDT, up from 21.19 billion in Aug.
Additionally, the new FDUSD stablecoin saw an impressive growth of 59.2%, with total holdings now at 2.23 million coins. BNB, Binance’s native token, also recorded a 0.42% increase in user holdings.
XRP Derivatives Market Activity
Despite the decline in XRP reserves, the XRP derivatives market is showing increased activity. Trading volume jumped by 41.03%, reaching $655.89 million. Open interest also saw an uptick, increasing by 2.55% to $587.80 million.
In the options market, trading volume skyrocketed by 720.36%, reaching $3.55K. Meanwhile, options open interest jumped 132.60% to $492.94K.
Analyst Predicts XRP Price Could Reach $28
As of Sept. 10 XRP registered a modest increase of 1.68% over the last 24 hours, with the price slightly edging up to $0.5394.
Pseudo analyst Cheeky Crypto shared a YouTube video predicting XRP could hit $28. He based this claim on Elliott wave theory, which tracks price patterns to predict future movements. According to the analyst, XRP is currently in a five-wave structure, suggesting an upcoming price rally.
Cheeky expects XRP to hit $5 to $10 by 2025, drawing on historical data from 2014 and 2021. He sees potential for even higher gains if the token clears crucial price barriers. His analysis points to a possible surge beyond $10, with $28 as a target if market conditions align.
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tell someone!
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