Binance, the world’s biggest crypto exchange, is now the new home of Ripple’s XRP whales. While Bitcoin and Ethereum remain the most-traded assets on this platform, XRP isn’t far behind. Ripple’s XRP remains a popular long-term investment for many despite the company’s many issues, including scrutiny from the US Securities and Exchange Commission (SEC).
According to recent data, XRP whales have slowly moved their assets to Binance since 2021. About 14% of all XRP trades are focused on two Binance trading pairs, making it a friendly platform for individuals looking to bet on XRP’s volatility. CryptoQuant data suggests that XRP-related deposits accelerated during the latter part of 2021, and these assets remain on site, potentially for trading.
XRP Ledger: Exchange Reserve - Binance. Source: CryptoQuant
Binance Continues To Support Ripple’s XRP
Binance currently supports 384 coins with 1,256 pairs. Bitcoin remains its most traded asset, but XRP’s participation remains substantial. There are plenty of reasons why Binance is the preferred exchange for BTC and even Ripple XRP users. For example, the platform still allows XRP staking despite the company’s decision to restrict its trading in compliance with US SEC regulations. Immediately after XRP’s relaunch on Binance, the whales retained their holdings on the platform.
XRP market cap currently at $31 billion. Chart: TradingView.com
In contrast, whales for other altcoins moved their holdings to other smaller exchanges. The other popular platforms for anonymous whales are Bitstamp, Bitso, and Bybit. In one of the XRP’s rallies, an anonymous whale sent over $11 million in Ripple’s XRP to Bitso.
Binance Boasts Sizable XRP Holdings
While XRP trading has been on and off at Binance, the exchange remains supportive of Ripple and holds a sizeable token inventory. Binance holds XRP in eight wallets, making it the second-largest holder after the company. Among these eight wallets, the Binance 4 wallet boasts the most significant holdings, valued at over $805 million with 1,477,168,710 XRP.
XRP price up in the last week. Source: Coingecko
The exchange’s wallets boast $1,7 billion, representing 3,126,845,451 XRP. This amount is a tiny fraction of the 99.99 billion XRP in circulation. Also, the XRP tokens are locked in, thus limiting the token’s supply to just around 50 billion. In short, the XRP whales are positioned to leverage XRP rallies, especially when the asset is hitting higher highs.
Brighter Things Ahead For Ripple’s XRP
Meanwhile, the spotlight is back on Ripple after the SEC missed the deadline for filing an appeal. With the SEC’s failure to appeal to extend its lawsuit, Ripple has enough proof to justify that its token is not a security.
However, many traders and market participants continue to debate whether XRP is a good investment. Many traders are worried about the asset’s sideways movement, which has been below the $1 level since 2017. However, the company seems unfazed, as it is considering expanding its presence. In 2024, Ripple invested in DeFi while working with banks.
Featured image from The Marine Mammal Center, chart from TradingView