XRP Gets a Boost as Binance US Suddenly Promotes the Token

Binance.US drops a few facts about XRP a few days after the famous Ripple win against the U.S. SEC.

The U.S. arm of the leading crypto exchange, Binance.US, excited the XRP community late Wednesday after dropping a quick insight about the cryptocurrency. The exchange stated key facts about XRP, raising bullish sentiments about the XRPL native token.

Get a quick scoop on $XRP with these fast facts.

— Binance.US ???????? (@BinanceUS) August 14, 2024

Some of these interesting facts included XRPs origin. The exchange stated that XRP was founded in 2012 by David Schwartz, Jed McCaleb, and Arthur Britto.

They further confirmed that XRP utilizes the XRP Ledger Consensus Protocol to validate transactions. Also, Binance.US stated that XRP is scalable, and the XRPL network can process up to 1,500 XRP transactions per second.

Binance.US Promotes XRP After Regulatory Clarity

The Binance.US‘s XRP insight came eight days after Ripple’s famous win against the Securities and Exchange Commission (SEC). A court ruled that the firm pay $125 million to settle its age-long with Wall Streets top regulator.

Since the ruling, XRP has gained bullish momentum. The asset rallied over 30% after the court pronouncement on August 7, reaching levels last seen in April. Nonetheless, the rally has faced a massive roadblock.

XRP on Exchanges Dwindles

Moreover, data from Santiment shows a dwindling XRP supply on exchanges, as investors seem to be accumulating the asset for a potential rally—the increased withdrawal further points to a growing bullish sentiment among XRP holders.

XRP Supply on Exchanges | Santiment

Growth in retail accumulation was also seen as holders of 10,000 XRP and below increased significantly. However, whales were seen shaking off their bags after a reduction in accounts with 1 million to 100 million XRP.

XRP Addresses | Santiment

XRP traded at $0.5665 at press time, down 2% in the past 24 hours.