Cryptocurrency exchange OKX reports in its latest proof-of-reserve report that it supports client holdings in a 1:1 ratio. Among the 22 names in the company’s altcoin reserves, the loaded XRP balance drew attention.
OKX reports altcoin reserves support 1:1
Leading crypto exchange OKX released its ninth consecutive monthly proof of reserve (PoR) report on Wednesday. According to the update, the exchange is holding over $11.3 billion in altcoins, including XRP, as of July 26.
XRP trading volume exploded on most major exchanges following the court’s July 13 victory. Accordingly, OKX shared proof of XRP reserves to boost users’ confidence. It reported that it stores most of its reserves in off-chain cold wallets.
https://twitter.com/okx/status/1684112591780552704
The July report shows that the popular exchange has maintained a reserve ratio of over 100% for XRP over the past nine months. Notably, OKX’s latest proof of reserve revealed a 102% reserve ratio for XRP. Also, the availability of OKX user assets was 192,455,205 XRP, while the total XRP held by the exchange was 196,322,816 as of July 26. This means that the exchange has more XRP than users deposit. The said PoR application is a declaration of exchanges to meet any emergency
The report also showed reserve ratios for 21 other altcoins. These cryptocurrencies include BTC, ETH, USDT, USDC, DOGE and SOL. OKB, APT, DASH, DOT, ELF, EOS and ETC among other projects. Key names featured in FIL, LINK, LTC, OKT, PEOPLE, TON, TRX and UNI. Meanwhile, BTC, ETH, USDT and ELF reserve ratios stood at 103%, while USDC’s reserve ratio eclipsed 109%.
According to reports, XRP is gaining a lot of attention among retail investors.
This is confirmed by the stock market and companies’ proof of reserve reports. Alongside OKX, many other major exchanges have publicly released their XRP reserves to build trust and increase transparency. Such exchanges include Binance, CryptoCom, and Uphold.
Uphold had approximately 2.1 billion XRP, equivalent to $1,079,850,490 ($1.07 billion) at the time of its PoR announcement. Amid the exchange’s unwavering support for the altcoin, XRP remains one of the biggest assets on the New York-based platform. Binance, on the other hand, was holding 2.7 billion XRP in its reserves as of March. Also, CryptoCom showed a 101% reserve rate for XRP last December.
XRP surpasses BTC and ETH
As we quoted as Kriptokoin.com, Ripple achieved a partial victory over the SEC on July 13. The data shows that XRP has outpaced BTC and ETH in terms of volume in the past month, which includes the positive case result:
After positive developments, some analysts pushed the bar up to 500x. For example, Egrag, an XRP bull, is waiting to rally up to $200.
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