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Just days after Ripple’s notable victory against the U.S. Securities and Exchange Commission (SEC), Binance.US revealed some key facts about XRP.
The U.S. branch of the leading cryptocurrency exchange Binance.US shared brief insights about XRP late Wednesday, exciting the XRP community. The exchange highlighted crucial facts about XRP, boosting bullish sentiment for the native token of the XRP Ledger (XRPL).
“Quickly understand $XRP with these simple facts,”
Binance.US tweeted on August 14, 2024.
Some interesting facts include the origins of XRP. The exchange stated that XRP was created in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto.
They further confirmed that XRP uses the XRP Ledger consensus protocol to validate transactions. Additionally, Binance.US noted that XRP is scalable, with the XRPL network capable of handling up to 1,500 XRP transactions per second.
Binance.US Promotes XRP Post Regulatory Clarity
Binance.US announced the listing of XRP eight days after Ripple’s significant victory in its lawsuit against the SEC. The court ruled that the company must pay $125 million to settle its long-standing dispute with Wall Street’s top regulator.
Since the ruling, XRP has maintained a bullish momentum. The asset surged over 30% following the court’s decision on August 7, reaching levels not seen since April. However, the rally still faces significant hurdles.
Decrease in Exchange XRP Supply
Additionally, data from Santiment shows that the supply of XRP on exchanges is decreasing as investors seem to be accumulating the asset in anticipation of a potential rebound. The increase in withdrawals further indicates growing bullish sentiment among XRP holders.
As the number of accounts holding 10,000 XRP or less has significantly increased, retail holdings have also grown. However, the number of accounts holding between 1 million and 100 million XRP has decreased, indicating that large holders are easing off.
As of the time of writing, XRP is trading at $0.5665, down 2% in the past 24 hours.
Sentiment: Positive
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