Binance Sees Decline in Crypto Holdings, Rise in Stablecoins

Binance’s Sept. 1 report highlights falling reserves of major cryptocurrencies. Bitcoin reserves dropped by 1.27%, bringing the total to 605,000 BTC.

Binance’s recent proof-of-reserves report shows a drop in XRP holdings. XRP fell by 59.3 users, bringing total reserves down to 2.75 billion.

Binance’s Sept. 1 report highlights falling reserves of major cryptocurrencies. Bitcoin reserves dropped by 1.27%, bringing the total to 605,000 BTC. Ethereum holdings fell by 4.58%, with users holding 215,000 fewer ETH.

However, stablecoins like USDT moved in the opposite direction. User reserves for USDT increased by 4.34%, adding 919 million USDT to Binance’s reserves.

Altcoins like Shiba Inu (SHIB) and Dogecoin (DOGE) also saw a drop in Binance holdings. SHIB dropped by 2.3%, with reserves falling from 61.21 trillion in August to 59.81 trillion in September. DOGE holdings slipped from 13.71 billion to 13.12 billion in the same period.

Stablecoins and BNB Growth

As XRP and other cryptocurrencies see decreased reserves, Binance users are increasingly favoring stablecoins. The report highlighted that USDT holdings rose by 4.34%, reaching 22.22 billion USDT, up from 21.19 billion in Aug.

Additionally, the new FDUSD stablecoin saw an impressive growth of 59.2%, with total holdings now at 2.23 million coins. BNB, Binance’s native token, also recorded a 0.42% increase in user holdings.

XRP Derivatives Market Activity

Despite the decline in XRP reserves, the XRP derivatives market is showing increased activity. Trading volume jumped by 41.03%, reaching $655.89 million. Open interest also saw an uptick, increasing by 2.55% to $587.80 million.

In the options market, trading volume skyrocketed by 720.36%, reaching $3.55K. Meanwhile, options open interest jumped 132.60% to $492.94K.

Analyst Predicts XRP Price Could Reach $28

As of Sept. 10 XRP registered a modest increase of 1.68% over the last 24 hours, with the price slightly edging up to $0.5394.

Meanwhile, an analyst known as Cheeky Crypto took to YouTube to share his大胆预测. In the video, the analyst shared his prediction that XRP could hit an astronomical price of $28.

Cheeky’s prediction is based on the application of Elliott wave theory, a widely used technical analysis method that tracks price patterns to predict future price movements. According to the analyst, XRP is currently unfolding within a five-wave structure, which typically suggests an upcoming price rally.

To support his claim, Cheeky highlighted XRP’s previous price surges in 2014 and 2021, using historical data to bolster his argument. The analyst pointed out that if XRP manages to clear crucial price barriers, it could pave the way for even higher gains.

Cheeky’s analysis, while optimistic, is subject to market conditions and broader crypto trends, which could ultimately influence XRP’s price trajectory.