TLDR
Binance has surpassed Uphold to become the largest holder of XRP, controlling more than 2 billion tokens.
The total value of Binance’s XRP holdings is approximately $5.96 billion, based on the current market price.
Blockchain explorers and data trackers confirm Binance’s position as the top custodian of XRP.
Binance pools XRP on behalf of millions of users, not owning it outright, according to blockchain analysis.
The concentration of XRP holdings on Binance provides the exchange with significant influence over market liquidity and price stability.
Binance has overtaken Uphold to become the largest holder of XRP, controlling more than 2 billion XRP. The exchange now holds these assets in custody, valued at approximately $5.96 billion, based on the current market price of $2.98 per XRP. This shift has sparked significant interest from traders and analysts, prompting closer examination of Binance’s holdings on the XRP Ledger.
Binance’s XRP Holdings Confirmed on Blockchain
Xaif, a prominent crypto commentator, revealed that Binance surpassed Uphold in XRP holdings, a claim backed by blockchain data. Multiple XRP wallets connected to Binance now show substantial balances. According to blockchain explorers, Binance’s combined XRP wallets have surpassed 2 billion XRP, confirming Xaif’s post.
https://x.com/Xaif_Crypto/status/1965012624535687360
Independent data trackers have consistently ranked Binance among the top custodians of XRP. These trackers align with Xaif’s findings, further solidifying Binance’s position. The scale of Binance’s XRP holdings underscores its dominant role in the crypto market.
Large XRP Holdings Impact Market Liquidity
Binance’s large XRP holdings give the exchange significant influence over XRP liquidity. The concentration of XRP within a single platform enhances Binance’s ability to impact order book depth and trading volume. This high level of custodial control on Binance reinforces the exchange’s dominant position in the XRP market.
Despite its custodial role, Binance does not own the XRP outright. The exchange pools XRP on behalf of millions of users across its platform. Blockchain analysts have confirmed Binance’s extensive role in XRP custody through wallet tagging and address clustering.
Wallets associated with Binance regularly shift XRP between hot wallets, cold storage, and settlement addresses, causing fluctuations in the total amount of XRP stored at any given time. Still, Binance remains the top custodian, with holdings that outpace competitors like Uphold.
Binance’s large XRP balance has broader implications for market liquidity. The exchange’s control over such a significant amount of XRP ensures a steady supply for traders. However, it also highlights the concentration of custody on centralized exchanges in the cryptocurrency space.
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