Following the intense regulatory crackdown on Binance, the XRP reserve on the platform has dropped 1.14% within a month, as liquidity takes a huge hit.
Based on our personally tracked records, the XRP reserve on Binance as of November 1 came in at 2,770,726,176 units. This figure has dropped to 2,739,628,543.726 XRP as of December 1, as gleaned in its latest Proof-of-Reserve (PoR) report.
The plunge is reminiscent of the imbalance in the crypto market and the susceptibility of prominent coins to respond to regulatory instability, irrespective of the platform involved.
Despite the Department of Justice (DOJ) netting $4.3 billion in settlement from the exchange, XRP traders on Binance are still obviously treading with caution.
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Binance XRP Ratio Remains Healthy
While there is a month-on-month decline in the XRP reserve presented by Binance, the trading platform remains in a position to redeem all withdrawal requests from its users at any time.
Per the figures presented in the PoR report, the customer’s XRP balance comes in at 2,624,581,559.32 XRP worth $1,692,855,105 based on XRP’s price of $0.645 at the time of writing. The Binance XRP reserve comes in at $1,767,060,410, with a massive excess of $74,205,305.
With the turbulent November, the robust liquidity pool and XRP reserve mitigated the impact of the withdrawal shocks that gripped the trading platform when its founder, Changpeng ‘CZ’ Zhao stepped down in the fallout with the DOJ.
Binance’s transparency since it started releasing the PoR report months ago might be responsible for the trust placed in the firm by its loyal customers. Despite the DoJ threat, Binance remains the biggest crypto exchange per daily trading volume.
Other Assets in Good Standing
Just like XRP, Binance has proven that it has enough reserve for the tokens supported on its platform. While Bitcoin’s customer balance comes in at 561,003.3 BTC, Binance holds 584,373.7 BTC.
Other tokens including Binance Coin (BNB), Ethereum (ETH), and Litecoin (LTC) also have at least a 100% reserve ratio.
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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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