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HomeCrypto NewsMarketHolders Confused As Only Binance Shows Holding 125M XRP As Reserves

Holders Confused As Only Binance Shows Holding 125M XRP As Reserves

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An interesting observation has left XRP holders confused.

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XRP Holders Confused As Only Binance Shows Holding XRP PoR on CoinMarketCap

At press time, only Binance is showing proof-of-reserves (PoR) for XRP on CoinMarketCap, even though the altcoin is trading on seven other exchanges that have their PoR listed on the crypto metrics tracking website. Cryptocom, OKx, Kucoin, Deribit, Bitfinex, Huobi, and Bybit do not show holding of any XRP as reserves.

Notably, @cryptoinsightuk first observed this anomaly on November 26. The XRP influencer and crypto educator took to Twitter to seek answers, wondering if it was an error or if other exchanges did not hold XRP.

The Crypto Basic has since confirmed the findings. Notably, only Binance shows XRP reserves with five separate wallets, the highest of which holds about 76.3 million XRP worth $29.7 million at the time of a screenshot. The PoR shows that the exchange has about 125 million XRP in total.

Binnace XRP reserves 1
0x5a52e96bacdabb82fd05763e25335261b270efcb
Binnace XRP reserves 2
0xf977814e90da44bfa03b6295a0616a897441acec
Binanace XRP reserves 3
Bnb1u2agwjat20494fmc6jnuau0ls937cfjn4pjwtn
Binanace XRP reserves 4
Bnb1lsmt5a8vqqus5fwslx8pyyemgjtg4y6ugj308t
Binance XRP reserves 5
0x8894e0a0c962cb723c1976a4421c95949be2d4e3
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While users are still waiting for a response to this puzzling discovery, they are starting to speculate that Binance’s holdings are all retail investors who have left due to increased self-custody or institutional adoption. Consequently, they predict a supply shock that could see XRP spike to new highs is imminent.

However, this is unlikely, as CoinMarketCap data shows that the token is actively trading on about seven other crypto exchanges that have also released PoR. It is more likely that some of these exchanges seeing only about $1 million or less in 24 hours of XRP trading volume have their holdings split in separate wallets with less than $100k worth of XRP.

Notably, CoinMarketCap only shows wallets holding over $100k worth of assets.

That said, it bears mentioning that The Crypto Basic could not also find XRP in Crypto.com’s Nansen.ai PoR even though CoinMarketCap data indicates that the exchange has traded over $3.7 million worth of XRP in the last 24 hours across the USDT and USD trading pairs.

Ripple’s circulating supply is 50.29 billion XRP.

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Author

Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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