An interesting observation has left XRP holders confused.
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.
GENUINE QUESTION!
Can someone explain to me why I can only find $XRP on @binance’s proof of reserves?
Do other exchanges actually not have any $XRP or is this some kind of error?@cz_binance
Or am I being stupid?https://t.co/KMiZtytmU9
— Cryptoinsightuk (@Cryptoinsightuk) November 26, 2022
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.
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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