XRP Nears Potential ‘Major Squeeze’ Against Bitcoin as Coinbase Adds to Listings, Binance XRP Reserves Decline: Crypto News Roundup
XRP appears poised for a significant surge against Bitcoin, as indicated by the XRP/BTC pair currently sitting at 0.00000945, based on TradingView data. Year-to-date, XRP has seen a 35.05% decline but has managed to climb 27% since June. The potential squeeze scenario may unfold when the asset experiences a sharp upward movement fueled by a large number of short bets, a situation that could materialize for both XRP and BTC. The most recent notable squeeze occurred in August following the final ruling in the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). However, XRP failed to sustain its upward trajectory post-squeeze. A similar scenario transpired last year when the court classified secondary XRP sales as non-securities.
Coinbase recently disclosed a new addition to its listing roadmap via an announcement on its X handle dated September 6. The latest asset to join the platform is ZK, the native token of ZKSync blockchain, a layer-2 scaling solution leveraging zero-knowledge rollups on the Ethereum network to enable faster and more cost-effective transactions. Coinbase continues to broaden its asset offerings by incorporating new tokens. In a separate update, the exchange revealed the inclusion of Moonwell (WELL) on its listing roadmap. Additionally, New York residents can now access CORE (CORE), Lido DAO (LDO), Safe (SAFE), and Velodrome Finance (VELO) on the Coinbase iOS and Android apps.
Binance’s recent proof-of-reserves report unveiled significant shifts in user assets. The report, covering a snapshot from September 1, highlighted a 1.27% decrease in Bitcoin holdings to 605,000 and a 4.58% decline in Ethereum assets to 4.486 million, representing a loss of 215,000 ETH. Concurrently, users’ USDT assets surged by 4.34% to 22.11 billion, indicating a pattern of diminishing crypto holdings and rising stablecoin reserves. This trend also affected XRP, with its reserves plummeting to 2.75 billion XRP, reflecting a reduction of 174.89 million coins since August. Despite these fluctuations, the shift towards stablecoins suggests a preference among users to stay in the crypto market while awaiting clearer market conditions before reinvesting in assets like XRP.
