Recent proof-of-reserves data from Binance indicates a significant increase in user XRP balances throughout July.
Binance Reserves Data
According to fresh proof-of-reserves data from Binance, users added over 59 million XRP to their net balances within a month, increasing the total from 2.61 billion to nearly 2.675 billion XRP from July 1 to August 1. Binance also expanded its reserves, now holding over 2.754 billion XRP, resulting in a reserve ratio of 102.96%.
XRP Price Surge
XRP's price doubled in the first half of July, rising from $2 to over $4 by mid-month. However, it quickly corrected, closing July near $2.90-$3.10, a behavior typical of short-term profit-seeking.
Implications of the Data
The data suggests that despite short-term price fluctuations, many users held onto their assets and even added more. The increase in third-party custody from 56 million to 76 million XRP also indicates possible optimization of custody practices.
In summary, the proof-of-reserves and price data regarding XRP present an intriguing picture of the current market situation, highlighting growing user interest in this asset amid price volatility.
