Binance, the world's largest cryptocurrency exchange, has released a proof-of-reserves report showing a notable increase in XRP reserves.

XRP Reserves Dynamics

Over the month, Binance customers' net balance in XRP increased by 6%, reaching 2.92 million XRP. The exchange increased its reserves accordingly, adding over 330 million XRP, which equates to approximately $175 million at current prices. This brings the XRP coverage ratio on Binance to 100.66%.

Stablecoin Shifts

Throughout September, the volume of the popular stablecoin USDT declined from $22.11 million to $21.41 million. Other less popular options like FDUSD and USDC saw decreases of 2.15% and 1.32% respectively.

Overall Context of Changes

In recent months, there have been substantial inflows into stablecoins as market participants and Binance users preserved funds in 'crypto cash.' The current changes might suggest a shift in paradigm, although a confirmed trend is yet to appear.

Amid the increasing reserves of XRP and the decline in stablecoin volumes, it can be inferred that market sentiment is becoming more optimistic.