Massive XRP Giveaway Announced by Binance

Popular cryptocurrency exchange Binance has revealed that it will be giving away a huge amount of XRP to its users. The crypto exchange will reward users who hold Ripple's RLUSD stablecoin on its platform. In a new announcement released on October 21, Binance said it will offer a grand total of 600,000 XRP in rewards.

The reward program is set to start on Oct. 23 and will end on Nov. 20. 

As part of the XRP reward program, Binance will be airdropping the rewards on a weekly basis. The first airdrop is expected to take place on October 30. How can Binance users qualify for XRP rewards?

For users to qualify for the Binance XRP reward program, they will be required to hold a minimum balance of just 0.01 RLUSD in one of the qualifying accounts (spot, funding, earn, and margin accounts).

Binance has also confirmed that users won't need to hold XRP in their accounts in order to qualify for the giveaway. The exchange will calculate its XRP rewards based on the qualifying RLUSD balances.

Additional factors 

Some of the factors to be considered include the users' average qualifying RLUSD balances and the effective annual percentage rate (APR) as determined by the exchange.

Binance has also revealed that there is no individual cap on the reward amount. However, it will end the reward program once the 600,000 XRP reward pool has been exhausted.

The crypto exchange has unveiled a few bonus multipliers that could significantly increase the amount of XRP that qualifying participants will receive.

Specifically, Binance users who increase their RLUSD holdings (compared to the last two weeks) will get a 1.2x reward multiplier on the qualifying incremental amount.

Similarly, those who subscribe to RLUSD Simple Earn Flexible Savings will also be eligible for a 1.1x reward multiplier. It is worth noting that users can combine both bonuses.

This means those who qualify for both will be able to claim a maximum 1.3x reward multiplier on their eligible holdings.