Over 12M XRP Tokens Burned on XRP Ledger: Will Price Surge?

• The cumulative amount of burned XRP tokens has exceeded 12 million, indicating a continuous upward trend in the burn rate.
• The burning activity has reduced XRP’s circulating supply to 54 billion, representing 0.02% of the total supply.
• Despite the milestone in burned tokens, the impact on XRP’s price may be limited.

In a significant development for the XRP Ledger (XRPL), the cumulative amount of burned XRP tokens has crossed the 12 million mark. 

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The total of 12,003,611 burned XRP tokens, as highlighted by crypto enthusiast Panos, represent a continuous upward trend in the burn rate. At the current market value of around $0.6 per XRP, the monetary value of the burned assets stands at $7,203,476.

This burning activity has reduced XRP’s circulating supply to 54,210,437,480, accounting for a mere 0.02% of the total circulating supply. Notably, the burnt tokens also constitute a minimal 0.012% of the total maximum remaining supply, reflecting the controlled impact of the burn mechanism on the overall XRP ecosystem.

Despite the recent milestone of over 12 million XRP tokens being burned, the impact on the price of the digital asset may be limited. As of the latest available data, XRP is trading at $6.004, reflecting a 5.81% gain over the past 24 hours. While the burn mechanism serves as a crucial aspect of the XRP Ledger’s design to combat network spam, the minimal percentage of tokens eliminated suggests that the market forces influencing XRP’s price remain multifaceted. 

Looking ahead, according to CoinCodex’s current XRP price prediction, there is an anticipated 29.67% increase, with XRP reaching $0.787014 by January 16, 2024. Technical indicators currently signal a Neutral sentiment, and the Fear & Greed Index stands at 76, indicating Extreme Greed among market participants.

Read also:

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