Holders of XRP are perplexed by an intriguing observation.
Holders of XRP are perplexed because only Binance appears to be holding XRP on CoinMarketCap.
Even though XRP is trading on seven other exchanges that have their proof-of-reserves (PoR) listed on the cryptocurrency metrics tracking website, as of the time of publication, only Binance is showing XRP's PoR on CoinMarketCap. None of the exchanges Cryptocom, OKx, Kucoin, Deribit, Bitfinex, Huobi, and Bybit indicate that they have any XRP in reserve.
GENUINE QUESTION!
— Cryptoinsightuk (@Cryptoinsightuk) November 26, 2022
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
The findings have since been confirmed by The Crypto Basic. Notably, only Binance displays XRP reserves with five different wallets, the greatest of which, at the time of a screenshot, had approximately 76.3 million XRP valued at $29.7 million. The PoR indicates that there are roughly 125 million XRP in total on the exchange.
Users are beginning to theorize that Binance's holdings are all retail investors who have left because of increased institutional adoption or increased self-custody while they are still waiting for a response to this perplexing discovery. They consequently forecast an impending supply shock that could cause XRP to reach new highs.
This is doubtful, though, considering the token is currently operational on roughly seven other cryptocurrency exchanges that have also made PoR available, according to statistics from CoinMarketCap. It is more plausible that some of these exchanges, which have a trading volume of only $1 million or less in 24 hours for XRP, have their assets divided among multiple wallets, each of which has less than $100,000 worth of XRP.
Notably, CoinMarketCap only displays wallets with assets valued at over $100k.
Having said that, it's important to note that The Crypto Basic was unable to locate XRP in Crypto.com's Nansen.ai PoR despite the fact that, according to CoinMarketCap data, the exchange transacted over $3.7 million in XRP across the USDT and USD trading pairs in the previous day.
The amount of XRP in circulation for Ripple is 50.29 billion.
