XRP, one of the prominent cryptocurrencies in the market, has witnessed a remarkable surge in its daily burn rate, sparking speculation about its potential to go on a bull rally.
Crypto analyst and influencer 24HRSCRYPTO is one of those who have put forward an extremely optimistic outlook for the XRP cryptocurrency. The analyst says that the altcoin, which is currently trading below $1, will reach as high as $100, and has provided reasons.
XRP’s Daily Burn Rate Surges, Fueling Speculation of $100 Token Value
24HRSCRYPTO unveiled an astonishing increase in XRP’s burn rate through a series of tweets that captivated the attention of the XRP community.
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The surge 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 reduction of 247,016 XRP.
🚨 THIS IS HUGE! MASSIVE SPIKE IN DAILY BURN RATE 🚨 30 days ago, #XRP‘s total supply was 99,988,863,851 👉🏻today the total supply is 99,988,616,835 (247,016 XRP burned and gone forever in 30days) about 8,233 a day – which goes perfectly with the below 24HR burn rate. That number… https://t.co/OipXjajMnx
— 𝟸𝟺𝙷𝚁𝚂𝙲𝚁𝚈𝙿𝚃𝙾 (@24hrscrypto1) July 4, 2023
With the total supply of XRP decreasing by 247,016 over the course of just 30 days, equivalent to an average of approximately 8,233 XRP burned per day, the stage is set for a potential upward trend that could lead to a significant appreciation in XRP’s value.
In comparison to the figures observed in previous months, the recent 247,016 burned XRP 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 the subsequent reduction in XRP’s supply have sparked a wave of excitement among investors. It suggests the possibility of a bullish trend, with the burn rate potentially rising even further as trillions of dollars flow 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 heightened burn rate reveals valuable insights as a Software engineer at Ripple, Neil Hartner, shed light on the situation, attributing the surge to the deletion of XRPL accounts as a deleted account equals two XRP burned.
Hartner specifically highlighted Poloniex, a leading crypto exchange, which recently deleted a staggering 85,566 outdated XRPL accounts. This action alone contributed to the burning of 171,132 XRP.
As the burn rate accelerates and the supply of XRP dwindles, the prospect of XRP reaching $100 per token gains traction.
While some skeptics may question the validity of such a bold claim, the consistent upward trend in the burn rate provides a compelling argument if it continues at such a scale.
The continuous rise in the burn rate and the deletion of XRPL accounts by prominent exchanges reflect the evolving landscape of the crypto market. Investors and enthusiasts are closely monitoring these trends, eagerly anticipating the future value of XRP and the potential rewards it may bring.
Amidst these developments, XRP’s current trading price stands at $0.4883, with a market valuation exceeding $25.5 billion.
Featured image from iStock, chart from Tradingview.com
