XRP Could be on Verge of 'Huge Squeeze' Against Bitcoin, Coinbase Announces New Listing, Binance XRP Reserves Drop to 2.78 Billion: Crypto News Digest by U.Today
2024-09-10

Check out U.Today's selection of the top three news stories over the past day.
XRP ready for "huge squeeze" against Bitcoin, top trader says
XRP is demonstrating the potential for a significant squeeze against Bitcoin, with the XRPBTC pair currently standing at 0.00000945, per TradingView data. Since the beginning of the year, it has declined by 35.05%, at the same time gaining 27% since June. Usually, the squeeze happens when the asset sees a sharp move higher due to a big number of short bets, which might soon happen for XRP and BTC. The last notable squeeze occurred in August after the judge issued the final judgment in the Ripple case against the SEC, but XRP could not sustain its upward momentum beyond a short-term squeeze. A similar situation took place last year when the court recognized secondary XRP sales as nonsecurities.
Coinbase announces new listing: Details
According to an announcement on Coinbase's X handle from Sept. 6, there has been a new addition to its listing roadmap. The newly added asset is ZK, a native token of ZKSync blockchain; it is a layer-2 scaling solution built on Ethereum that utilizes zero-knowledge rollups to facilitate quicker and cheaper transactions on its network. Coinbase is actively expanding its range of offerings by adding new tokens to its platform. On Sept. 5, the exchange also announced the addition of Moonwell (WELL) to its listing roadmap. Previously, Coinbase spread the word about CORE (CORE), Lido DAO (LDO), Safe (SAFE) and Velodrome Finance (VELO) now being available to New York residents in the Coinbase iOS and Android apps.
Binance XRP reserves plummet to 2.78 billion: What happened?
In its latest proof-of-reserves report, Binance revealed notable changes to its users' assets. According to the 22nd monthly report with a snapshot of Sept. 1, Bitcoin holdings among Binance users decreased by 1.27% to 605,000, while Ethereum assets dropped 4.58% to 4.486 million, showing a loss of 215,000 ETH. At the same time, users' USDT assets total 22.11 billion, having surged by 4.34%, which indicates a trend of decreasing crypto holdings and increasing stablecoin holdings. This trend has also affected XRP, as its holdings dropped to 2.75 billion XRP, which is a decline of 174.89 million coins since August. Despite these changes, the movement toward stablecoins suggests that users prefer to remain in the crypto market while waiting for clearer conditions before reinvesting in assets like XRP.