XRP, one of the prominent cryptocurrencies in the market, has witnessed a remarkable increase in its daily burn rate, sparking speculation about its potential to join a bull rally.
Crypto analyst and influencer 24HRSCRYPTO is among those who have put forward an extremely optimistic outlook for the XRP cryptocurrency. The analyst says the altcoin, currently trading below $1, will rise to $100, and has given reasons.
XRP’s daily burn rate rises, fueling $100 token value speculation
24HRSCRYPTO revealed an astonishing increase in XRP’s burn rate through a series of tweet that caught the attention of the XRP community.
Related Reading: Bitcoin Humpback Wallets Reach ATH, Is BlackRock Behind the Wave?
The rise in XRP’s daily burn rate has been a topic of great interest within the crypto community. Just a month ago, the total supply of XRP stood at 99,988,863,851. However, it has now dropped to 99,988,616,835, indicating a decrease of 247,016 XRP.
π¨ THIS IS HUGE! HUGE SPIKE IN DAILY FIRE RATE π¨ 30 days ago, #XRP‘s total supply was 99,988,863,851 ππ» today the total supply of 99,988,616,835 (247,016 XRP burned and gone forever in 30 days) is about 8,233 per day – which fits perfectly with the burn rate of less than 24 hours. That number… https://t.co/OipXjajMnx
β πΈπΊπ·πππ²πππΏππΎ (@24hrscrypto1) July 4, 2023
With the total supply of XRP shrinking by 247,016 over the course of just 30 days, equating to an average of approximately 8,233 XRP being burned per day, the stage is set for a potential uptrend that could lead to a significant increase in value from XRP.
Compared to the numbers seen in previous months, the recent 247,016 XRP burned represents a significant increase. This development has prompted crypto enthusiasts to question the potential for further growth and whether it could drive XRP’s value to unprecedented heights.
The increased burn rate and subsequent reduction in supply of XRP has sparked a wave of excitement among investors. It suggests the possibility of a bullish trend, with the burn rate possibly rising even further as trillions of dollars pour into the crypto market.
XRP price trending above $0.47 | Source: XRPUSD on TradingView.com
Senior Ripple Engineer shares insight
A deeper dive into the factors driving the increased burn rate reveals valuable insights such as a software engineer at Ripple, Neil Hartner, who sheds light on the situation, attributing the increase to the deletion of XRPL accounts, as a deleted account equates to two burned XRP.
Hartner specifically highlighted Poloniex, a leading crypto exchange, which recently deleted a whopping 85,566 legacy XRPL accounts. This action alone contributed to the burning of 171,132 XRP.
As the burn rate accelerates and the supply of XRP decreases, the prospect of XRP reaching $100 per token gains momentum.
While some skeptics may question the validity of such a bold claim, the consistent upward trend in burn rate makes a compelling argument if it continues on such a scale.
The continued increase in burn rate and deletion of XRPL accounts by prominent exchanges reflect the evolving landscape of the crypto market. Investors and enthusiasts are keeping a close eye on these trends and eagerly anticipating the future value of XRP and the potential rewards it could bring.
Amidst these developments, XRP’s current trading price stands at $0.4883, with a market value of over $25.5 billion.
Featured image from iStock, chart from Tradingview.com